Six months after J.C. Penney Co. launched a bold new pricing plan, customers still aren't buying it. The department store chain reported a bigger-than-expected loss and plummeting sales during the second quarter.
Hot weather and clearance sales drew Americans into stores in July, giving retailers solid sales gains and helping offset worries about jobs and the economy. Three-quarters of retailers reporting results said they beat expectations.
Shoppers who weren't impressed with J.C. Penney's radical new pricing strategy -- eliminating most sales and all coupons -- have seen the retailer reverse course in recent months. Now it's bringing back clearance sales, too. So where does this leave Ron Johnson's retail reinvention plan?