Talented Blonde CEO Kristin Bentz On The 1 Thing J C Penney Has Of Value

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Speaking to Benzinga, Talented Blonde CEO Kristin Bentz said that the only thing J C Penney Company Inc
JCP
has "that's worth anything is their real estate." "They could sell their [headquarters] and make a fortune" and despite sounding strange, in some ways "it would make sense," according to Bentz. "The problem," Bentz noted, "is that Ron Johnson really had a bunch of cool stuff in play...had they let him finish and implement all these things I really think it would have lifted the stock in time, [maybe] two years later." However, Johnson was "burning through money" and trying to manage things via "conference calls from California and you cannot do that with bricks-and-mortar retail...you have to be there." Bentz had been negative on the stock since the beginning of the restructuring and felt that the company is now implementing the "same strategies that got them into this mess." Bentz was also incredulous that that the company is re-introducing its catalog, and asked rhetorically, "who reads the catalog?" Ultimately, Bentz, did not see that company ever retuning to being "where America shops" because there is now too much choice and too little differentiation with J C Penney; the company had "become irrelevant" and no longer mattered. Heading into its earnings announcement Thursday, J C Penney Company Inc traded at $9.10, up 1.22 percent. Kevin Riley and Brianna Valleskey contributed to this report.
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Posted In: ExclusivesKristin BentzTalented Blonde
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