Forecast store closings: 300 to 350
Number of U.S. stores: 1,100
One-year stock performance: -53.6%
J.C. Penney has been going through a rough stretch. In the most recent quarter, same-store sales fell by 26.1% year-over-year. Even its Internet sales have taken a turn for the worse, falling 37.3% in the third quarter, compared to the prior year.
The retailer's current troubles began after former Apple (AAPL) retail chief Ron Johnson took the helm and launched an ambitious transformation plan that, among others things, aimed to wean customers off of heavy discounting and coupons, and simply give customers low prices right off the bat. Instead, retail strategists and analysts say, Johnson's vision has created confusion among customers and inhibited any potential turnaround.
By 24/7 Wall St.