February 27, 2013
Ronald Friedman, Co-Leader, Retail/Consumer Products Industry Group, Quoted in Reuters Article "J.C. Penney Sales Plunge, Much Worse Than Expected"
By Phil Wahba
J.C. Penney Co Inc (JCP.N) reported sales at stores open at least a year fell 31.7 percent in the fourth quarter, a much worse-than-expected plunge that might put Chief Executive Ron Johnson's future at the company at risk.
The poor results for the quarter, which included the holiday season, capped a rough first year for Penney's restructuring. The company's shares fell 14.5 percent to $18.09 in after hours trading.
"He's going to have recover this year or he's done," said Ron Friedman, retail practice leader at the consulting firm Marcum LLP. "He's running out of time. He has to have it turned around by the third quarter."