CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header
Two Great Apps: CBS DFW Weather App: iPhone App Store | Android App Coming Oct | Download
                                   CBS Local App: The Latest From CBS DFW On Your Device | iOS & Android | Download
                                   -Including Breaking News Notifications, Audio and Video from CBS DFW

Local

JCPenney’s Stock Price Tumbles

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

186152214 JCPenneys Stock Price TumblesJIM GAFFIGAN, "My kids have never eaten Hot Pockets

181572784 8 JCPenneys Stock Price TumblesFunny Faced Cheerleaders

 alt=Musicians Then And Now

455079896 JCPenneys Stock Price TumblesWATCH: Iggy Azalea & JLO's Booty Battle

 alt=Remembering Jimi Hendrix 44 Years Later

cowb thumb JCPenneys Stock Price TumblesCowboys Cheerleaders

NEW YORK (AP) - JCPenney’s shares are tumbling a day after the department store chain announced the sudden departure of Michael Francis, a top Target executive brought in last October to help redefine the store’s brand.

In a terse statement issued late Monday, JCPenney gave no reason for the abrupt departure of Francis, who was its president. In that post, Francis was responsible for the marketing of a controversial new pricing plan that aims to get rid of hundreds of sales events. He also oversaw merchandising and product development.

The move comes as JCPenney is trying to reverse a sharp drop in traffic and plummeting sales after its new pricing strategy spearheaded by new CEO Ron Johnson confused shoppers.

Shares are down $2.46, or 10.1 percent, to $21.87 in midday trading Tuesday.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Also Check Out:

View Comments