April 11, 2022
Im pretty sure I have never bought anything at JCPenny. In fact, I have probably only be in one by mistake.
I like Ackman’s observation that it is important to learn how to recover from failure/mistakes. I believe that is the wonderful thing about sports - especially selective, competitive sports.
Too bad Johnson (walked away from $50 million of restricted stock??) and Ackman didn’t ask me about this idea. Sounds to me the new JCPenny was unrecognizable to its core customers. Given that, why wouldn’t you change the name of the company?
I do agree a national rollout without testing was an unnecessary risky move.
I bet HBS and Darden turned this flop into a helluva case study!