JCPenney has apparently realized the whole no-more-sales move was a bad one. With its stock down almost 40% this year, the store is backtracking on its six-month-old pricing strategy by introducing yet another pricing strategy. In February, the department store canned its hundreds of yearly sales in favor of a three-tier pricing approach; now, it will stick with just two options, explains the Wall Street Journal: everyday low prices and clearance sales on select items.
Shoppers found the three tiers "confusing," said CEO Ron Johnson. Writes Dana Mattioli for the Journal, "The move is an acknowledgment that the department store chain needs deeper price cuts to stem a dive in sales caused by the company ending its ceaseless sales and coupons." She notes that Q2 results are expected to be dismal. The changes go into effect Aug. 1. (If that doesn't help the company, more tweets from Nina Garcia might...)