Can JC Penney be saved?

Last year was the worst in the department store chain's 111-year history. Is it time for CEO Ron Johnson to give up on his turnaround plan?

JC Penney shareholders are hoping the sinking company has nowhere to go but up.
(Image credit: Scott Olson/Getty Image)

JC Penney's stock nosedived this week after the struggling department store chain reported surprisingly bad quarterly results that capped the worst slump in the company's 111-year history. In fact, Henry Blodget said at Business Insider that, with same-store sales plummeting by nearly a third, Penney might have posted the worst quarter in retail history. Investors are clearly worried that CEO Ron Johnson's plan to turn around the company with new pricing and refreshed stores isn't working. "We made some big mistakes and I take personal responsibility for this," Johnson said.

Can anything save JC Penney now?

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.