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On Monday, the board of directors of J.C. Penney Co., based in Plano, Texas, announced that Myron Ullman, III rejoined the firm as chief executive officer, effective immediately. Ullman was CEO from Dec. 2004 to early 2012. Johnson took over, pledging to revamp the department store's business with a "Fair and Square" pricing strategy and hip new "stores" within the store.
It turned out that shoppers like sales and turning an old department store chain into something Apple-like was no small task while your sales are plummeting, your stock cratering and investors calling for your head.
J.C. Penney's earnings floundered. In February, the company said its fourth-quarter net loss was $428 million. On Tuesday morning alone, the stock fell to $14.05 a share, down 11.5 percent.