J.C. Penney Has Designs on $2B Turnaround From Ill-Fitting Makeover

J.C. Penney is starting this pivotal year on an emotional high note. For the first time in five years, 1,000 store managers from across the nation were called to Dallas to collect some healing, recognition and inspiration for the tough times ahead. The company expects to report a first-quarter loss Wednesday, but that’s not a surprise. It's already told Wall Street that it will take three years to regain its footing. The managers heard about Penney’s plans from a CEO who understands the company as well as anyone, Mike Ullman, and a CEO designee, Marvin Ellison, who has been listening to the staff.