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NEW YORK (
TheStreet) -- Former
J.C. Penney(JCP - Get Report) CEO Ron Johnson is looking for work after having been ousted at the retailer due to poor performance, horrendous sales figures, a slumping stock price, and a consumer that may or may not come back. What better place to return to glory than the place that made him famous:
Apple(AAPL - Get Report).
relieved of his duties Monday evening, as shares slumped some 50% at J.C. Penney since he took over. Johnson's plan was to turn the Plano, Texas-based retailer into a mall-within-a-mall concept, taking unused square footage and setting up specialty shops, breaking the traditional department store model.
This was a grand and ambitious plan from the start. Johnson, however, confused, and in some cases, alienated, J.C. Penney's core customer by taking away coupon's and muddling the company's message. The company's most recent earnings report demonstrates that, with revenue declining 30% year over year. The share price year-to-date says even more, with the stock declining 19.5%, compared to a near 10% gain in the
If Apple Hires Ron Johnson, I'll Buy a PC
Despite concerns about his plan and a seemingly never ending falling share price, Johnson is still an intelligent retailer, having helped design the Apple Stores you see today, and shaping
Target(TGT - Get Report) before that. Apple CEO Tim Cook is looking for a new head of Apple Retail, now that John Browett has been
relieved of his duties. Cook admitted that Browett was a mistake, and since October he has been actively looking for a candidate to lead Apple's retail stores.
Johnson worked with then-CEO Steve Jobs to create Apple's stores, which Cook has said in the past is the key to Apple's success. Jobs is no longer there, and the shine is off Johnson, so this would be a different situation than building from the ground up. An appointment of Johnson by Cook could even become a lightning rod for Apple, which has received its fair share of criticism in recent months. From concerns over product innovation, to a slumping stock price (sound familiar J.C. Penney investors?), Apple has been left in the dust in the minds of certain investors.