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).
Johnson was 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 S&P 500.
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