Fashion retail giant JCPenney released a new ad earlier this week where they asked former customers to come back. The company fired CEO Ron Johnson last month. Johnson was the head of Apple’s retail division before becoming JCPenney’s CEO. JCPenney acknowledges that they have listened to their customers and has made changes as a result.
After Johnson was fired, JCPenney decided to bring back coupons. Customers did not like that Johnson implemented a system where coupons would be eliminated. As a result to Johnson’s changes, JCPenney’s sales plunged $4.3 billion. Johnson ended up being replaced by Mike Ullman.
JCPenney received a $1.75 billion loan commitment from Goldman Sachs as they prepare to fix their customer loyalty programs again. Check out the video below of JCPenney asking customers to come back: