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J.C. Penney Is Still Reeling From Ron Johnson's Reign

Should we believe current CEO Mike Ullman when he says morale at J.C. Penney has "never been better"?

[Image: Flickr user Chris Chan]

In his one-and-a-half-year reign, former J.C. Penney CEO Ron Johnson helped the company lose $4.3 billion in revenue and alienate 20 million households.

After Johnson's failed attempt to steer the beleaguered retailer like a startup, current CEO Mike Ullman has been hard at work to foster J.C. Penney's turnaround, telling the audience at a conference hosted by Women's Wear Daily that the company has likely attracted 10 million new households.

Ullman also mentioned that morale at J.C. Penney has "never been better." The company has said it forecasts positive comparable-store sales in the third quarter. Following trends to kick off holiday sales earlier, J.C. Penney is gearing up for the season by opening stores at 8 p.m. on Thanksgiving.