Business

J.C Penney’s Stock Tumbles

View Comments
(credit: Tim Boyle/Getty Images)

(credit: Tim Boyle/Getty Images)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. WCCO Viewers Choice For Minnesota's Best Costume Shop
  2. Meet This Week's Pet Guest: Stormie Grey!
  3. 'Operation Warm' Raising Money To Give Kids Winter Coats
  4. 4 Things To Know For Oct. 24, 2014
  5. Hopkins Teammates Form A Close Bond Off The Field

NEW YORK (AP) — J.C. Penney’s shares are tumbling a day after the department store chain announced the sudden departure of Michael Francis, a top Target executive brought in last October to help redefine the store’s brand.

In a terse statement issued late Monday, Penney gave no reason for the abrupt departure of Francis, who was its president. In that post, Francis was responsible for the marketing of a controversial new pricing plan that aims to get rid of hundreds of sales events. He also oversaw merchandising and product development.

The move comes as Penney is trying to reverse a sharp drop in traffic and plummeting sales after its new pricing strategy spearheaded by new CEO Ron Johnson confused shoppers.

Shares are down $2.46, or 10.1 percent, to $21.87 in midday trading Tuesday.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 1,916 other followers