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The deterioration of one of America’s oldest retailers has been going on for
some time. In the five years before Ron Johnson’s appointment in late 2011, the J.C. Penney share price dropped 60% under CEO Myron “Mike” Ullman.

Johnson embarked on an expensive turnaround plan, which included a new logo, advertising and the end of deep discounts, coupons and sales events once popular with customers.

None of this appears to have worked. Total sales fell 24.8% last year to $13 billion, while same-store sales fell 25.2%. Internet sales, absolutely critical to retailers as e-commerce emerges as a primary source of revenue, dropped 33% during the year. The day after Johnson’s dismissal, share prices hit a 12-year low.

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