Credit agency Fitch has already lost confidence in the one month old turnaround at JC Penney. It is being headed by former Apple retail chief Ron Johnson. His plan has been to simplify pricing and the layout of Penney stores. This will probably not offset the fact that many of his customers have left for Macy’s, Target, and Nordstrom, and will not be back
Fitch wrote as it dropped its rating to BB+
The ratings reflect significant execution risk for J.C. Penney over the next 12 – 18 months as the company rolls out its new pricing and promotional strategy
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