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J.C. Penney CEO Touts Towels, Cookware to Stem Losses

J.C. Penney Co.’s widening loss and falling sales last quarter show that Chief Executive Officer Mike Ullman is still plagued by his predecessor’s missteps as the retailer prepares for the crucial holiday shopping season.

While hedge-fund investors including J. Kyle Bass are betting the retailer will recover, Ullman is struggling to preserve cash and woo back alienated shoppers by reversing some of the changes ushered in by former CEO Ron Johnson.