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On the edge: An updated look at J.C. Penney and Best Buy
The retail industry, yours truly included, has had a watchful eye on J.C. Penney ever since CEO Ron Johnson took over and announced his plans to revamp the iconic retailer. Many experts have shared their concerns over the new direction and, as the second quarter numbers would indicate, cause for concern is clearly warranted. With overall sales plummeting nearly $1 billion dollars, and earnings plunging from an expected $41 million profit to an $81 million loss, the company is down $1.7 billion in sales and $260 million in earnings in the first half of the year, compared to 2011.
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Best Buy names CEO as former chairman seeks control
Hubert Joly is the new CEO at Best Buy.
Best Buy named former food service and hospitality executive Hubert Joly as president and CEO even as uncertainty lingers regarding a possible leveraged buyout engineered by former chairman and founder Richard Schulze.
Joly joins Best Buy after serving since 2008 as CEO of Minneapolis-based Carlson, a global hospitality and travel company known for such brands as Radisson hotels and TGI Friday’s restaurants. From 2003 to 2007, he led Carlson’s travel division.