CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header

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

tbt10 JCPenneys Stock Price TumblesPick Your Favorite Throwbact Thursday Song

75829598 JCPenneys Stock Price TumblesSteven Colbert To Replace Letterman

godzilla image for story JCPenneys Stock Price TumblesNew Godzilla Trailer Hits The Internet

155742164 JCPenneys Stock Price TumblesPick Your Favorite Victoria Secret Model

Featured Items

Fantasy_tileHottest Olympians

pet_tileYour Pet Photos

weather_tileSend Us Your Weather Photos

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 This material may not be published, broadcast, rewritten or redistributed.)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