WEATHER ALERT DAY: TORNADO WATCH until 4am | FLASH FLOOD WATCH: All of north Texas through Sunday. Current Watch/Warning Info | Current WeatherLive Radar | Check Traffic
WATCH LIVE CBS 11 News @7AM

Local

JCPenney’s Stock Price Tumbles

View Comments

From Our CBS Music Web Sites

453641528 10 JCPenneys Stock Price TumblesAdorbale Baby Animals To Put A Smile On Your Face

150725619 10 JCPenneys Stock Price TumblesHot Models In Glasses

 alt=Musicians Then And Now II

452359780 10 JCPenneys Stock Price TumblesMissing Summer?

87222728 JCPenneys Stock Price Tumbles8 Reasons to Have A Good Love Life

sx JCPenneys Stock Price Tumbles Victoria's Secret Fashion Show

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 This material may not be published, broadcast, rewritten or redistributed.)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