Former J.C. Penney Co. CEO Allen Questrom said Friday that he doesn't believe the transformation under way at the Plano-based department store chain is going to work. Questrom questioned Penney CEO Ron Johnson's plans to reinvent Penney as a specialty department store and said he is "shocked" that the board didn't require a market test of the new strategy. "Clearly, the first part of Johnson's strategy — eliminating coupons and sales — has been a failure. I've never seen a strategy of a company this size cause such a drop in two quarters," Questrom said during an interview on CNBC's Fast Money...
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