Dive Summary:

• Embattled retail brand J.C. Penney has released a new commercial admitting to “mistakes” in company changes made under former CEO, Ron Johnson.
• Sales for the company fell 25% with a net loss of $985 million before Johnson’s 17-month reign as CEO was ended for J.C. Penney.
• The changes made during Johnson’s reign resulted in a year-over-year decline in revenue for the brand totaling almost 13 billion for 2012.

From the article:

In short, the views from unnamed executives were that Johnson didn't think much of J.C. Penney or its customers other than they had to dress and buy differently. Unfortunately, the customers didn't see it that way and stayed away in droves.