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| + | == How An Overconfident Billionaire Brought A 111 == | ||
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| + | <html>How things went so wrong at J.C. Penney is a classic tale of the toxic mix of hubris and money that is worth revisiting ahead of the company s highly anticipated earnings report Tuesday. | ||
| + | Ackman is what s known as ,[http://sociallearnlab.org/sixiu/index.php?title=%E7%94%A8%E6%88%B7:Ltrwcfgtuszt#Bedore-_Blazers_F_Thomas_Robinson_-Feels_Wanted-_In_Portland Bedore- Blazers F Thomas Robinson -Feels Wanted- In Portland], essentially what was known in the old days as a corporate raider or greenmailer. These types of investors take sizable financial stakes in what they view as undervalued companies then agitate for changes that will presumably boost the share price. | ||
| + | Ackman, who has had an illustrious career as a sharp investor,[http://fait.org.ua/wiki/index.php/%D0%A3%D1%87%D0%B0%D1%81%D1%82%D0%BD%D0%B8%D0%BA:Loqzauczsxmz#Five_Pillars_Of_Islam_Display_Taken_Down_At_Kansas_Elementar Five Pillars Of Islam Display Taken Down At Kansas Elementar], identified J.C. Penney as one of those undervalued companies in 2010, becoming its largest shareholder that October and chain s board of directors. | ||
| + | Since he became involved, however, fallen to $13.40 a share from $31.64 when his stake was disclosed. Ron Johnson,[http://www.pengewiki.dk/vis/Bruger:Lhpsdzjflutz#Butler_County_man_gets_prison_in_mortgage_closing_scam Butler County man gets prison in mortgage closing scam], the former chief executive officer he recruited to the company from Apple, lost more than $4 billion in sales during a disastrous 17-month tenure, reducing J.C. Penney to even smaller than Gap Inc. Nearly the entire executive team has turned over and may continue to change in the wake of events in the past two weeks. | ||
| + | Even worse, the rank-and-file employees, the people who greet customers, ring up sales, and sweep floors, have been hit even harder. About have been slashed from the payroll, with the company s workforce now numbering 116,000 full- and part-time associates from 156,000 two years ago. | ||
| + | While department stores have long been on a slow decline, a looming question for J.C. Penney is whether it can avoid bankruptcy after spending wildly for renovations and new hires while losing shoppers. | ||
| + | There s nothing to compare with what happened since Ackman set foot at Penney, said Bernie Sosnick, an analyst at Gilford Securities. Ackman s recruitment of Johnson, who was fired as J.C. Penney s CEO in April, and Johnson s team probably racked up $200 million in personal expenditures alone, he said. | ||
| + | Johnson, who viewed himself as a kind of retail Steve Jobs, of bad decisions and poor management that ultimately led to the sales plunge and a nearly $1 billion loss during his year in charge. But the 47-year-old Ackman played an extraordinarily outsized role for a board member, not only recruiting Johnson but also coaching and counseling him each step of the way. | ||
| + | Ackman told us more than once that he consulted with Johnson on a daily basis, Sosnick said. He was active in moving Johnson along this destructive force that brought Penney to the verge of bankruptcy in one year. | ||
| + | Even as Johnson s ideas appeared to be falling flat quarter after quarter, Ackman insisted that he was on the right track. Customers would soon embrace eliminating sales and coupons, Ackman said. The boutiques implemented in stores would generate sales-per-square foot that would rival major shopping mall companies like General Growth Properties and the stock could well exceed $100 a share over time, he said. Plano, Texas, headquarters, and,[http://wiki.milko.3mhz.net/spamwiki/index.php/%D0%9F%D0%BE%D1%82%D1%80%D0%B5%D0%B1%D0%B8%D1%82%D0%B5%D0%BB:Lhihkowdngtp#Nasdaq_trading_halts.3B_stocks_up_on_positive_data Nasdaq trading halts; stocks up on positive data], like the rest of the board, and at least nine other key executives were commuting from California, New York, and Boston to the company on a weekly basis. | ||
| + | Yet, just one day after resigning from the board last week, Ackman was still . In an appearance on PBS s Charlie Rose Show last Tuesday, Ackman said that Johnson s ideas were fundamentally correct and that his only mistake was he moved too fast, too quick, and in the public eye. (He did admit, however,[http://hedewikin.se/index.php?title=Anv%C3%A4ndare:Lraqsoyxlwna#Musical_causes_on_social_media Musical causes on social media], that the J.C. Penney investment was his biggest disappointment.)</html> | ||
