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J.C. Penney President Mike Francis Resigns After 9-Months & 10 Million Salary

submitted on June 19, 2012 by CouponNut in "Member's Lounge"
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.

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  • 153721
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    Posted by pablos17 on June 19, 2012
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    Saw that coming. Wow! Eeek -wish I could get a paycheck of $10M for less than a year's work. Confused
  • 153737
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    Posted by clover on June 19, 2012
    [reply] 1 0
    Bye Bye! Bring back the coupons!
  • 153781
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    Posted by anand on June 20, 2012
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    adjustment.. it is Michael Francis.

    most of his career is with Target.

    after resigning from J.C. Penney their shares sank to $21.57, their lowest in nearly two years.
    • HouTex
      Posted by HouTex on June 20, 2012
      [reply] 2 0
      He's getting the blame, but the problem is not entirely his fault. What do you think it will it take for JCPenney to recover? They don't seem to be doing anything right to attract loyal customers at the moment...or is it just the current economic situation? Their competitors are fighting hard for a reduced number of discretionary dollars....
    • 153824
    • clover
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      Posted by clover on June 20, 2012 [reply] 0 0
      They take out full page ads in the Orlando Sentinel with basically nothing on the page except a shirt and a couple other items. There is no incentive for me to go there. They need to make some big changes if they expect to make it.
  • 153820
    Posted by shawndiaz on June 20, 2012
    [reply] 3 0
    The only thing they can do is to turn a negative into a positive. By admitting they screwed up and stating what they will do to fix it is their only way to come back from this.

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