This is good news though.
On Monday Michael Francis reportedly resigned, effectively immediately, although there are reports he may have been fired. Francis was named the company's president in October and was responsible for the recent change in the retailer's merchandising and marketing efforts, including pro-"gay marriage" materials and the hiring earlier this year of lesbian comedienne Ellen DeGeneres as spokesperson....
Speaking of CEO Johnson, Dan Celia of American Family Radio's Financial Issues program thinks that is who should be out -- not Francis. "... Johnson, the guy they got from Apple, he's the guy that's got all the problems," he states. "But anyway, they took a 19-percent hit in their stock price since this Johnson has come onboard." Johnson reportedly will handle merchandising and marketing until a new president is announced. Shares of JC Penney fell nearly six percent in after-hours trading Monday on news of Francis's departure. On Tuesday, shares in JC Penney tumbled to $21.87 -- a 10-percent drop.