ABC NEWS — J.C. Penney, responding to reports that it is marking up prices in stores only to discount them later, is defending its return to sales and coupons after a disastrous foray into everyday low pricing.
Recently, WCPO-TV in Cincinnati took cameras into a J.C. Penney store that showed higher prices on stickers placed over lower, original prices. One Nike women’s t-shirt had a price of $25 on a sticker, which covered up an older price of $15. On a child’s swimsuit, an $18 sticker covered up a $13 price tag.
A spokeswoman for J.C. Penney provided a statement regarding its re-ticketing effort, which primarily affects the store’s private label brands.
Former CEO Ron Johnson, who was fired in April, did away with coupons and sales in place of “Fair and Square” every day pricing and “stores” within the store. The company had losses of more than $1.1 billion in the year ending Feb. 1 as its stock slid more than 60 percent.
Read more at ABC News.
