JCPenney CEO Marvin Ellison told attendees at the WWD Apparel and Retail CEO Summit in New York City today that former CEO Ron Johnson was like a high school dating experience for the retailer.
"Let's go back to high school and imagine that you dated the same wonderful girl for three years, and all of a sudden, when the prom is going up, you decide that she's no longer good enough ... so you make a play for the homecoming queen, and the homecoming queen says, 'no thank you,' and so you end up going to the prom stag," he said. "JCPenney had a customer that loved us, and we said to the customer, 'We don't like you anymore.' We said we like that [other] customer. We made a play for that customer, and that customer said, 'We don't like you very much.'" Story