JCPenney CEO Ron Johnson announced that he would be leaving effective immediatel.



The clock is ticking on the 111-year old chain. If JCP runs through cash at the rate it has over the last 12 months the company will have no money on the balance sheet by sometime this summer, exactly at the time retailers need to maximize their borrowing to be in stock for the holidays.If the new CEO can’t stop the bleeding JCPenney will be bankrupt by Labor Day. The question for investors and shoppers alike is who is the new boss and what, if anything, can he do to save the company.

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