Transforming a retail chain’s image may be harder than thought, as J.C. Penney is finding out.
The Texas-based company reported a staggering loss of $55 million, or 25 cents a share, in the first quarter of this year. Same-store sales fell 18.9 percent.
That’s a big loss for a company that invested big money in a new store redesign, a new CEO and a huge ad campaign featuring Ellen DeGeneres.
But the company is not giving up yet – saying their transformation is “ahead of schedule.”