JCPenney posts big Q3 sales decline


J.C. Penney, which is in the early stages of a multiyear turnaround, reported a 26 percent decline in third-quarter sales at stores open at least a year, a steeper drop than the 17.9 percent that Wall Street analysts were expecting.

Ron Johnson, Apple’s former head of retail, took the reins of the struggling department store chain last year.

This never would have happened under Steve Jobs’ watch. Wait, what?