J.C. Penney Co. is preparing to make deep price cuts across much of its merchandise, according to a story in this morning’s Wall Street Journal. The move marks a significant shift in tactics for Chief Executive Ron Johnson as he tries to draw shoppers back into his stores.
Under the new policy, which kicks off in August, Penney will get rid of monthlong specials that cut prices of select items by 20 percent to 29 percent and instead will permanently mark down a large amount of merchandise in stores by similar amounts, the Journal reported.