May 15, 2012
This 2009 file photo shows the main entrance of a J.C. Penney store in the Manhattan Mall in New York.
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The beleaguered department store chain on Tuesday reported its sixth straight quarter of big losses and steep revenue drops as it continued to face challenges related to a botched turnaround plan spearheaded by its ousted CEO Ron Johnson.
J.C. Penney Co.'s new CEO Ron Johnson told analysts Tuesday the department store chain is resurrecting the word "sale" in promoting its monthlong events, the latest change it's making to reverse a sharp drop in customer counts and sales.
Turns out, J.C. Penney shoppers don't prefer predictable pricing over blockbuster bargains — at least not yet.
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