Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

J.C. Penney Company, Inc. (JCP) News: Cash Burn, Ron Johnson & More

Editor’s Note: J.C. Penney Company, Inc. (NYSE:JCP)

J.C. Penney burning through cash (Yahoo Finance)
It was a tough quarter for J.C. Penney Company, Inc. (NYSE:JCP), according to Michael Binetti, executive director at UBS Investment Bank.
In the wake of an attempted transformation that failed to resonate with the department store’s traditional, price-sensitive shoppers, management is scrambling to cancel orders and cut exposure to misaligned categories such as chic home goods and trendy fashions. It has had to discount and offer coupons much more than anticipated, Binetti said.He looks for J.C. Penney Company, Inc. (NYSE:JCP) to report same-store sales down 14 percent in the second quarter, but he predicts that those numbers will turn positive in the second half of the year—up 3 percent in the third quarter and 5 percent in the fourth.

Is This Man to Blame for All JCPenney’s Troubles? (Racked)
The recent sagas of troubled retailer J.C. Penney Company, Inc. (NYSE:JCP) include tail-diving share prices, widespread executive turn-over, and more than 40,000 jobs lost store-to-store. Former CEO Ron Johnson bore the brunt of the blame when sales figures slipped and then crashed due to a “no coupon” sale policy that ultimately alienated JCP’s core customers. But over the last week (and right in time for the company’s earnings report to be released tomorrow) fingers are pointing to hedge fund manager, the retailer’s largest shareholder, and former board member Bill Ackman.

JCPenney Says It Has Reached An Agreement For Bill Ackman To Sell His Massive Stake (Business Insider)
J.C. Penney Company, Inc. (NYSE:JCP) has reached an agreement with Bill Ackman so Pershing Square can begin to sell its stake in the retailer, according to an 8-K filed with the SEC on Friday.  From the filing: On August 13, 2013, J. C. Penney Company, Inc. (the “Company”) entered into a Registration Rights Agreement with Pershing Square Capital Management, L.P., PS Management GP, LLC, Pershing Square GP, LLC, William A. Ackman and certain affiliated Pershing Square funds (collectively, the “Holders”).

Bill Ackman in front of Perishi

Some Cuyahoga County stores offer inaccurate back-to-school prices (
Not all Cuyahoga County shoppers got what they bargained for when doing their back-to-school shopping trips earlier this month. The Cuyahoga County Department of Consumer Affairs audited 138 suburban stores the week of Aug. 5 and discovered at 20 stores, the advertised prices on some back-to-school specials were inaccurate. The 20 stores included Marc’s stores in Broadview Heights, Brook Park, Lakewood, Middleburg Heights, South Euclid and Westlake; Walgreen’s stores in Berea, Cleveland Heights, East Cleveland, Lakewood and Shaker Heights; OfficeMax stores in Mayfield Heights, Middleburg Heights, Rocky River and Solon; CVS Pharmacies in Euclid and Mayfield Heights; the Dollar General in Cleveland Heights; the Macy’s department store in Richmond Heights and the Target in Mayfield Heights.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.