J.C. Penney Resurrects The Word "sale"

By: AP (Posted by Melissa Brunner)
By: AP (Posted by Melissa Brunner)

(AP) NEW YORK - J.C. Penney Co. (JCP) decided to resurrect the word "sale" during its monthlong events.

The new CEO of of Plano-based Penney - Ron Johnson - made the announcement to analysts as the retail chain seeks to halt a drop in customer counts and sales.

Investors were spooked even more, driving shares down 4 percent Tuesday. That extended a decline seen since early February when analysts starting becoming bearish about the new pricing plan that went into effect at the start of that month.

Penney has been using a three-tier pricing plan that offers everyday prices, monthlong discounts on select items and Best Fridays, which are clearance events.

But Penney had been avoiding the use of the word "sale."

Some shoppers were confused.

© 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

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