By AMRITA JAYAKUMAR
The Washington Post
Struggling retail giant J. C. Penney (click here) Wednesday announced it would close 33 under-performing stores - including the store in Exton Square Mall in Chester County - slashing 2,000 jobs in the process.
The Washington Post
Struggling retail giant J. C. Penney (click here) Wednesday announced it would close 33 under-performing stores - including the store in Exton Square Mall in Chester County - slashing 2,000 jobs in the process.
The other Pennsylvania stores that would close are in Hazelton and Washington. Two stores in New Jersey also are affected, in Burlington and Phillipsburg, as well as a store in Salisbury, Md.
Most of the stores that will close are in smaller cities, where there may be few other retail alternatives and the loss of a J.C. Penney anchor store could be a blow to area malls. Among the cities losing a store is Salisbury, Md., and Bristol and Norfolk in Virginia....
The USA is suffering from poor corporate leadership. Hedge fund billionaires don't know how to make a company profitable or even sustain it's market share. They know how to destroy companies and rob pension funds, but, when it comes to actually managing a company sustainable and profitable it is out their reach. I mean, look at the banks. Quick cash, that is the only thing hedge fund billionaires are good for. They love corporate junk yards.
The sincere problem with these million-billionaires is that they don't recognize the corporate junk yards they should pursue. They target any company with sizable pension funds and then create junk yards out of them. Many companies were gobbled up by the SuperRich for fast cash in order to do more of the same.
The 0.1 percent and the 1 percent are a real problem. They are altering the world and any sustainable economy. So long as they are reaping greed they don't care about the rest of any economy. They have the money to literally destroy a countries economy. That is why local economies are so very important. It keeps an economy real and within reach of the people that rely on it. Local economies will reel in the SuperRich from destroying the global economy AGAIN. It is a defense strategy against the SuperRich and Corporate American with poor leadership and it sincerely works.
With JC Penny imploding in small cities, the small business owner can again gain market share and open their shops again. The implosion of JC Penny is a good example of the destruction to date of these corporations. I can't wait for the Mom and Pop Stores to be wall to wall in the USA, again.
By Joseph Guinto
November 2o13
On August 12 of this year, Bill Ackman, (click here) a silver-haired hedge fund billionaire, sat in front of remote-controlled cameras in the black-backdropped studio where PBS’ Charlie Rose show is filmed and quietly began defending himself.
The USA is suffering from poor corporate leadership. Hedge fund billionaires don't know how to make a company profitable or even sustain it's market share. They know how to destroy companies and rob pension funds, but, when it comes to actually managing a company sustainable and profitable it is out their reach. I mean, look at the banks. Quick cash, that is the only thing hedge fund billionaires are good for. They love corporate junk yards.
The sincere problem with these million-billionaires is that they don't recognize the corporate junk yards they should pursue. They target any company with sizable pension funds and then create junk yards out of them. Many companies were gobbled up by the SuperRich for fast cash in order to do more of the same.
The 0.1 percent and the 1 percent are a real problem. They are altering the world and any sustainable economy. So long as they are reaping greed they don't care about the rest of any economy. They have the money to literally destroy a countries economy. That is why local economies are so very important. It keeps an economy real and within reach of the people that rely on it. Local economies will reel in the SuperRich from destroying the global economy AGAIN. It is a defense strategy against the SuperRich and Corporate American with poor leadership and it sincerely works.
With JC Penny imploding in small cities, the small business owner can again gain market share and open their shops again. The implosion of JC Penny is a good example of the destruction to date of these corporations. I can't wait for the Mom and Pop Stores to be wall to wall in the USA, again.
By Joseph Guinto
November 2o13
On August 12 of this year, Bill Ackman, (click here) a silver-haired hedge fund billionaire, sat in front of remote-controlled cameras in the black-backdropped studio where PBS’ Charlie Rose show is filmed and quietly began defending himself.
Ackman, a 47-year-old New Yorker, had acquired a $900 million stake in Plano-based J.C. Penney Co. Inc. in 2010 and gained a seat on the company’s board. Then he aggressively pushed the iconic, 111-year-old department-store chain, founded in 1902 by the son of a Baptist preacher, to radically reinvent itself. Ackman urged his fellow board members to oust longtime CEO Mike Ullman and to replace him with Ron Johnson, the savant behind both Apple’s Genius Bar and the computer company’s sleek retail stores.
But Johnson’s tenure at the top of J.C. Penney was anything but tidy. Sixteen months later, the company’s stock had cascaded nearly 50 percent, 19,000 employees had lost their jobs, and sales had fallen by more than 25 percent—an almost unheard of slide for a major retailer. The board, Ackman included, fired Johnson in April and rehired Ullman. Then, by August, Ackman was publicly calling for Ullman to be fired again. “In my opinion,” Ackman wrote in a letter to the board that he released to the media, “Mike is overly optimistic about the near-term future of J.C. Penney.” Ackman also accused his fellow board members of dragging their feet on finding a replacement for Ullman, who he insisted was only supposed to be an interim CEO upon his return.
