Posted Thursday, July 26, 2012 --- 11:05 a.m.
NEW YORK (AP) -- J.C. Penney is revamping its pricing strategy -- again.
Six months after the mid-priced department store chain got rid of the hundreds of sales it offers each year in favor of a three-tier pricing approach, Penney is eliminating one of the tiers and bringing back the word "clearance."
Ron Johnson, the chain's CEO since November, said the moves come after feedback from customers showed that shoppers found the three-tier structure "confusing."
The former Apple Inc. executive spearheaded the change in pricing at Penney. The new strategy, effective Aug. 1, illustrates how difficult it can be to try to change the mindset of Americans who have become used to sales.
Copyright 2012 The Associated Press.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.