Company News: J.C. Penney, Time Warner Cable, BPBy
J.C. Penney: Bringing discounts back
J.C. Penney will start offering holiday-related promotions, a departure from Chief Executive Officer Ron Johnson’s earlier plan to eliminate discounts and rely on everyday low pricing. The move, which investors cheered by bidding up the stock, comes after the retailer’s revenue fell at least 20 percent for the past three quarters. The sales will be tied to holidays such as Valentine’s Day, Easter, and Mother’s Day, and there will be fewer than 100 events a year, compared with almost 600 unique promotions in 2011, when Johnson joined the company. Johnson has been working to lure shoppers back through offers such as a $10 in-store coupon, free children’s haircuts, and free family portraits.
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