Ackman quits J.C. Penney board, ending feud

[avaistheone1]

Source: Reuters

(Reuters) - The circus-like atmosphere that had taken over the boardroom at J.C. Penney Co Inc ended on Tuesday with hedge fund billionaire William Ackman stepping down from the board of the struggling U.S. retailer.

Ackman's decision to leave comes after a failed two-year attempt by his Pershing Square Capital Management hedge fund to remake Penney's into a more upscale retail chain and a week of public fighting with other board members including interim-Chief Executive Officer Myron (Mike) Ullman.

People close to Ackman and the company said the hedge fund manager's decision to leave the board, which Ackman formally agreed to Monday night, was necessary for Penney to focus on its operations and continue the search for a new CEO.

The move to bring some level of peace and decorum to the Penney boardroom was needed to remove a major distraction as the struggling retailer prepares for the holiday season.



Read more: http://www.reuters.com/article/2013/08/13/us-jcpenney-ackman-idUSBRE97C0AI20130813

---

Good news imo.

[Doremus]

1. Good news for the peons who work there and in many cases have spent decades or longer there

Not that there's an iota of concern about them in that boardroom.

[avaistheone1]

2. Ackman was probably the worst of those.

He was just too profit-hungry. He hurt JC Penney as a company, and worse he hurt a lot of people.

I hope the remaining board can pick up the pieces.

[BuelahWitch]

3. They "remodeled" our local store and it's now a frigging mess.

Got rid of some of the affordable brands and cut the staff way back. You used to be able to ring up your purchases in several smaller departments. Now everyone is herded into the front of the store like so much cattle.

[avaistheone1]

4. That was all part of Ron Johnson's charm.

I noticed the new brand creep in the stores with prices in some cases two and three times the customary Penney's price for a comparable item.

The reduction in registers is bad, and their scanners attached to an iPod Touchs haven't worked out. They can't handle several transactions including cash.

I feel bad for the employees. Penneys let a lot of the old-timers go, and I noticed many of the new ones are not that knowledgeable or even helpful.

[tanyev]

5. Devastated the salon where my hairdresser works.

She had a lot of regulars, so she hung on OK, but as I went there every couple of months I could see it go from a busy, hopping, salon to an empty wasteland. It seems to have picked up a bit the last couple of times. Hopefully they can make a comeback.

[kardonb]

6. J C Penney

Upscale ? LOL ,that place is polyester heaven !