J.C. Penny has shown Chief Executive Officer Ron Johnson the door and reinstated his predecessor, Myron E. Ullman III, as the department-store chain works to rebound from declining sales.
Johnson, who took over the company 15 months ago, worked aggressively to transform the company’s stores into collections of boutiques and dumped the popular coupon program, with limited success.
Sales in the fourth quarter of 2012 fell by 32 percent, according to businessinsider.com.
Johnson was credited as a visionary for building Apple’s network of stores, prior to taking the helm at J.C. Penny.
