I swear, I try to avert my eyes—but I keep getting drawn into the sad saga of JCPenney. Why is that?
Morbid fascination? Schadenfreude? Personal guilt? (I had a hand in two years’ worth of JCP’s ads on the Oscars.)
Actually, I’m not that deep. It’s just that JCP’s failure has been more like a decade-long crumble, and it has such great lessons to offer.
Once “America’s Favorite Store,” JCP has now filed for bankruptcy protection. A single share of JCP stock, once priced over $83, goes for 18 cents as I write this.
It’s tempting to cut JCP a break, since the current crisis has hurt so many companies. But—this crisis only pushed JCP over the edge of the cliff where it was already perched.Continue reading…