Ed Atorino, an analyst with Benchmark, thinks there's still more fat to trim.
"They have no choice," he told Capital. "I understand they have a wonderful staff and Arthur Sulzberger Jr. is trying to ease the pain, but sooner or later they're gonna have to fess up."
Atorino's advice for Thompson: "He's gotta get tough and cut costs."
Thompson, for his part, seems open to that.
"We believe some cost-cutting is inevitable and necessary," he said in his prepared remarks, adding a caveat that may lend some comfort to the reporters and editors at 620 Eighth Avenue: "We will work hard to maintain a sizeable and robust newsgathering operation." sks customers to "come back" to the department store, alluding to heavy losses suffered from sweeping changes made by ousted CEO and former Apple executive Ron Johnson.
The 30-second spot, posted to the company's Facebook and YouTube pages, atones for the recent changes believed to be the reason for a steep decline in sales, which resulted in a $12.99 billion year-over-year decline in revenue for fiscal 2012.
During his tenure at JCPenney, Johnson, who was the driving force behind Apple's hugely successful brick-and-mortar Apple Store retail chain, made a number of substantial tweaks to the department store's business model. The initiatives,