J.C. Penney Transformation: Plans Released to Save Company

J.C. Penney has announced plans for transforming the company in the midst of cutting thousands of jobs nationwide.

At a launch event this morning, Chief Operating Officer Ron Johnson told the press, "We are going to rethink every aspect of our business, boldly pursue change…as we become America's favorite store."

New initiatives include an updated logo, "Fair and Square Pricing," monthly promotions and special discounts on the first and third Friday's of every month. The company is also adding and revamping over 30 brands and collections, including one by Martha Stewart. Ellen DeGeneres has been named a brand partner, or spokeswoman, as the company looks to appeal to a new market.

Michael Francis, president of J.C. Penney stated: "At J.C. Penney, we couldn't think of a better partner to help us put the fun back into the retail experience. We share the same fundamental values as Ellen. We're thrilled that she's joining our team to help convey the exciting transformation under way."

Francis added, "We are redefining the J.C. Penney brand so we become a store for all Americans by offering an experience they cannot get anywhere else. Beginning on February 1, our customers will see immediate changes that give a sense of how we will transform J.C. Penney over the next four years. It will be a breath of much-needed fresh air."

Johnson also told the press, "We want customers to shop on their terms, not ours. By setting our store monthly and maintaining our best prices for an entire month, we feel confident that customers will love shopping when it is convenient for them, rather than when it is expedient for us."

Beginning in Feb., J.C. Penney will update its store signs with more clearly marked pricing and begin circulating monthly books to promote special deals. In August, the company plans to renovate all of its stores with new merchandise and presentation of goods. All of the changes will culminate in 2015, with the official new look and brands complete.