J.C. Penney is hoping former Chief Executive Mike Ullman can revive the retailer after a risky turnaround strategy backfired and led to massive losses and steep sales declines, the Associated Press reports. The company's board ousted Chief Executive Ron Johnson after only 17 months.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- JC Penney Adopts 'Poison Pill'
- Target Tech Chief Leaves Amid Security Overhaul
- German Automakers Announce Recalls
- Economy Struggles To Add Just 96,000 Jobs
- Japan Bumps China
- Men's Wearhouse Boosts Bid for Jos. A. Bank
- Report: Hospitals Improving Patient Safety
- Liberty Media Reduces Stake in Barnes & Noble