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JCPenney Posts Huge Loss

Consumers continue to stay away from the new JCPenney, which is struggling to reinvent itself under CEO Ron Johnson. The former Apple retail executive’s plan to decrease discounts and eliminate coupons has been met with a cold shoulder by shoppers. The company reported that sales were down 28.4 percent from the year-before quarter, as it posted a $985 million loss.

February 28, 2013 7:17 AM