The American Family Association reports that J.C. Penney has lost 50% of its stock value since February when it named Ellen DeGeneres as its spokesperson. The organization outlines that in February, stock prices stood at $41.32, but in May, when the popular retailer publicized an ad of a lesbian couple in its Mother’s Day catalog, stock fell to $35.67. Last month, when Penney’s ran an ad featuring two homosexuals in their Father’s Day catalog, stock continued to plummet to $25.83. Its current value stands at just $20.02 a share.
Additionally, the financial services group Standard and Poor, which rates companies in order to help stockholders decide which investments are most profitable, recently lowered J.C. Penney to “junk” status.
In May, The Columbus Dispatch reported that the company was “wiping away $1.43 billion in marketing value a day.”
As a result of its continued losses, the retailer has been forced to cut 350 jobs at its home office and has fired its marketing executive as being partly to blame for its downfall.
However, according to statements made in The Columbia Dispatch, it does not seem that J.C. Penney is attributing its decreasing support to its promotion of the homosexual lifestyle.
“It is not doing the hard work we need it to do right now,” chief executive Ron Johnson said of the company’s advertising practices.
“I don’t see people in the stores,” stated Gilford Securities analyst Bernard Sosnick.
J.C. Penney, which is headquartered in Plano, Texas, was founded by James Cash Penney, a Christian who desired to found his company on Christian values.
“The assumption was that business is secular, and service is religious. I have never been able to accept that line of arbitrary demarcation,” he stated in 1908 in an ad for what once was called The Golden Rule Store. “Is not service part and parcel of business? It seems to me so; business is therefore as much religious as it is secular. If we follow the admonition to love God, and our neighbors as ourselves, it will lead us to understand that, first of all, success is a matter of the spirit.”