J.C. Penney’s current commercials are advertising “The No More Madness Event” which introduces their “fair and square” pricing strategy. Consumers can go on Facebook and register for the event starting Feb. 1, 2012 at 12:00 a.m. In a press release on Jan. 25, 2012, J.C. Penney’s new advertised pricing strategy is to lower prices by 40% on everything in the store and maintaining “fair and square” pricing. “The No More Madness Event” is eliminating sales and maintaining the advertised prices monthly. Instead of having sale date and rebate offers, the company is creating excitement through a pricing structure of everyday/ regular prices, month long prices and best prices released on the first and third Fridays of every month.
According to CEO Ron Johnson who was previously the Senior Vice President of Retail Operation for Apple, the objective is to become America’s favorite store through the next four years. Ellen DeGeneres, host of The Ellen DeGeneres Show, was announced as the new brand partner in Wednesday’s press release. In a current report filed with the SEC on Jan. 17, 2012, J.C. Penney reported that Michael T. Theilman will resign as executive officer on Jan. 27, 2012.
In the 3rd quarter report, J.C. Penney reported a net loss of $65 million although total of net sales was $11.8 billion. The company maintains a fiscal year calendar ending Jan. 31. The company has 45 days from that date to file their annual financial report with the SEC unless other governed circumstances extend this date.
J. C. Penney (NYSE: JCP) is publically traded on the NYSE in the Retail (Department and Discount) industry of the Services sector. The average closing price for this year on the NYSE is 34.50 with a range of 33.28 to 35.53. The highest price was Jan. 19, and the lowest price was Jan. 17. The industry’s main competitors on the stock market in this industry analysis are Dillard’s Inc., Kohl’s Corporation, Macy’s Inc., Nordstrom Inc., Saks Inc., and Sears Holding Corporation.
J.C. Penney has locations in the Pittsburgh area including Ross Park Mall, Century III, Robinson Town Ctr, Monroeville Mall and Galleria @ Pittsburgh Mills. Apple Inc. has three locations in the Pittsburgh area including Ross Park, Shadyside and South Hills Village. The Ellen DeGeneres Show airs on WPXI 10:00 a.m. in Pittsburgh.
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