Former JC Penney
CEO Allen Questrom told CNBC on Wednesday that the company's board of
directors is wrong in thinking the struggling retailer can change its
fortunes under current boss Ron Johnson.
"The board has to take action. They can't be delusional like Ron Johnson is," Questrom said on "Fast Money Halftime Report."
"This
has been going on long enough. You can't say you're going to make your
numbers for the year and then drop a billion dollars."
I'm still kind of at a loss to figure out how they lost a billion dollars like that. It seems that Macys and Khols and the other companies in the department store retailer space are making decent money. I mean Kohls made $215 million and Macy's made $145 million last quarter so there is still money to be made in this space.
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