We saw this coming, ever since JCPenney CEO Ron Johnson’s stupid policy to court homosexuals by hiring Ellen Degeneris to be the family store’s spokeslesbian, and featuring lesbians (two moms) and gay men (two dads) in its Mother’s Day and Father’s Day ads.
Why was the policy stupid?
Because the policy alienated many Christians, who still comprise a majority of the U.S. population, whereas homosexuals are a mere 2% of the population.
Although JCPenney finally but belatedly fired Johnson, the damage was done.
The proof is in JCPenney’s stock performance. (Click chart to enlarge)
When Ron Johnson took over the company’s leadership in November 2011, JCPenney’s stock value at first rose, to its highest in February 2012. ButFebruary was also when Johnson hired Degeneris to be company spokeslesbian. Note how JCPenny’s stock value began declining after February 2012, with a steep plunge in May. What festive day is in May? Why, Mother’s Day of course.
Krystina Gustafson reports for CNBC, Jan. 15, 2014, that the struggling department store J.C. Penney announced today it will close 33 underperforming stores and slash 2,000 jobs, in a measure it says will generate annual savings of approximately $65 million.
Penney shares fell 0.9% to $6.95 in after-hours trading.
JCPenney CEO Myron Ullman said: “As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly.”
Blah. Blah. Blah.
Here are the 33 stores that will be closed, arranged by the states they’re in:
- Alabama: Selma Mall, Selma
- California: Arrow Plaza, Rancho Cucamonga
- Colorado: Chapel Hills Mall, Colorado Springs
- Connecticut: Meriden Square, Meriden
- Florida: Lake Square Mall, Leesburg
- Florida: Gulf View Square, Port Richey
- Iowa: Muscatine Mall, Muscatine
- Illinois: Stratford Square Mall, Bloomingdale
- Illinois: Hickory Point Mall, Forsyth
- Indiana: Five Points Mall, Marion
- Indiana: Market Place Shopping Center, Warsaw
- Maryland: The Centre at Salisbury, Salisbury
- Michigan: Westwood Plaza, Marquette
- Minnesota: Northland Mall, Worthington
- Mississippi: Singing River Mall, Gautier
- Mississippi: Natchez Mall, Natchez
- Montana: Butte Plaza Shopping Center, Butte
- Montana: N/A, Cut Bank
- North Carolina: Vernon Park Mall, Kinston
- New Jersey: Burlington Center, Burlington
- New Jersey: Phillipsburg Mall, Phillipsburg
- Ohio: Wayne Towne Plaza, Wooster
- Pennsylvania: Exton Square Mall, Exton
- Pennsylvania: Laurel Mall, Hazleton
- Pennsylvania: Washington Mall, Washington
- Tennessee: Northgate Mall, Chattanooga
- Virginia: Bristol Mall, Bristol
- Virginia: Military Circle Mall, Norfolk
- Wisconsin: Forest Mall, Fond Du Lac
- Wisconsin: Janesville Mall, Janesville
- Wisconsin: Lincoln Plaza Center, Rhinelander
- Wisconsin: Cedar Mall, Rice Lake
- Wisconsin: Wausau Mall, Wausau
See our previous posts on JCPenney:
- “Will there be a JCPenney a year from now?,” Sept. 28, 2013.
- “JCPenney is still sinking,” Aug. 1, 2013.
- “JCPenney now apologizing to customers,” May 2, 2013.
- “JCPenney tanks from new pro-gay policy,” July 12, 2012.
- “Something is rotten at J C Penney,” June 2, 2012.
Dr. Eowyn is the Editor of Fellowship of the Minds.