I have been watching with interest J.C. Penney’s attempts to reinvent itself. It’s an amazing gamble, a vision that, if works, could bring some much-needed change to retail at a time where the Internet is continuing to drive business growth (such as a $1 billion Black Friday performance by e-tailers).
But J.C. Penney has been in the short term laying off tons of people as it begins its transformation. Knowing people who work there, I am starting to wonder if the cuts were too deep. Based on a new filing, J.C. Penney now believes it’s a risk as well. Continue reading