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(L.M. OTERO/AP)

Financial Times

J.C. Penney down, but not out (yet)

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And now we all have a great big laugh at the expense of Ron Johnson. How arrogant J.C. Penney’s boss was to think the retail magic he worked at Apple would work at a mid-tier department store! What a fool to believe J.C. Penney could be run on brands rather than constant discounting! How hubris is brought low!