JCPenney is having credit problems

Insiders speculated that CIT got skittish after getting a peek at Penney’s financials, which have been deteriorating as the department store scrambles to recover from a botched turnaround bid under former CEO Ron Johnson.

I was thinking about leading an investor buyout, but we’re waiting for the company to send us a 70% coupon first.

Via Mark Gurman

  • Mother Hydra

    They’re gonna need cream for that burn Peter, well played.

  • Moeskido

    Rim shot.

  • fenderlover

    It’s really too bad most Americans believe everything they see. I worked for a sleazy furniture salesman when I was 19, and I saw how they moved around the “on sale” tags, but never changed the price. People bought it every time. The guy even had a “going out of business liquidation sale” every 60 days. It never failed, people showed up like this was their moment to score big. After that, I’ve never believed anything was “on sale” unless I knew the product, and it’s actual value. This was one of the reasons I came to trust Apple when I bought my first Mac in 1999. The more research I did (I knew nothing about computers, but needed something for multitrack audio recording), the more Apple stood out as a company that wasn’t full of shit.

    Anyway, I’m derailing. JCP only has themselves to blame for screwing with idiots for the last 50-100 years. (I don’t know how old they are, or when that practice started)

    If American consumers were capable of critical thought, Mr. Johnson’s turnaround would have been a massive success. I think he overestimated the average consumers ability to accept reality. Whatever that is. He was used to a different kind of consumer, one that appreciated the product as well as the company and it’s philosophy.