The news is out that Mike Francis resigns after only taking on the position nine months ago with a hefty sign on contract. The idea of new marketing techniques was an idea formulated by Francis to eliminate sales and interim markdowns we all loved so much. Further marketing also eliminated sales events and advertising flyers in an effort to save money. Marketing ideas of Best Price Friday's, Square Deals and Best Prices from the Start all are confusing for avid bargain hunters. Customers balked at his idea and stopped shopping and seeking items at bargain prices from J.C. Penney.
A good guess would be Mike Francis had a "vision" that might have been blurred. J.C. Penney revenue dropped 20 per cent as customer traffic slipped 10 per cent.