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J.C. Penney’s Options May Include Sale

With CEO Ron Johnsons departure, the retailer faces a tough turnaround.

By Matt Townsend and Jeff Green, Bloomberg | Updated on April 09, 2013

J.C. Penney Co. made a radical break with tradition by hiring Silicon Valley wunderkind Ron Johnson as chief executive officer. With Johnson gone, the chain may have to pursue even more radical options, such as selling itself.

After suffering a 25 percent annual sales decline, J.C. Penney yesterday ousted Johnson, 54, and replaced him with his predecessor, Myron E. Ullman III, 66. Investors, who pushed the shares up 13 percent on news that Johnson was out, abruptly sold after learning Ullman was the new CEO. J.C. Penney dropped 8.3 percent to $14.55 at 7:47 a.m. in New York.

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