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Martha Stewart
J.C. Penney: 'There is no assurance' turnaround will succeed
J.C. Penney: 'There is no assurance' turnaround will succeed

Beleaguered retailer J.C. Penney, struggling to boost slumping sales and tanking traffic through an intense revamp, said in its annual report that the turnaround “may take longer than expected” and that the results “may be materially less than planned.” The document, filed with the Securities and Exchange Commission on Wednesday, shows a company careful not to be too confident in its rebirth strategy. “There is no assurance that we will be able to successfully implement our strategic initiatives,” J.C. Penney wrote in the report. Chief Executive Ron Johnson has been swatting off criticism from Wall Street over his handling of the chain, whose revenue...

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