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It's also reeling from drastic changes that Johnson has made to its business, including slashing the number of sales in favor of everyday low prices, bringing in hipper designer brands such as Betsy Johnson and remaking outdated stores. The company has reported big losses and sales declines for four straight quarters since it started the strategy. In its most recent quarter ended Feb. 2, the Plano, Texas retailer reported a much larger-than-expected loss as revenue plunged nearly 30 percent. Investors have sent shares of Penney down more than 61 percent from a peak of $43 in the days after the pricing plan was rolled out a year ago.
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