On Friday, February $8,2013,$ J$.$ C$.$ Penney $($JCP$)$ CEO Ron Johnson was facing the un$-$ enviable task of turning around one of America's oldest and most prominent retailers. The past three years had seen variable financial results for the company $($Exhibit $36\mathrm{.}1$ through Exhibit $36\mathrm{.}4)$ and the cash balance had gradually declined. According to Johnson, $"$as we execute our ambitious transformation plan, we are pleased with the great strides we made to improve J$.$ C$.$ Penney's cost structure, technology platforms and the overall customer experience. We have accomplished so much in the last twelve months. We believe the bold actions taken in $2012$ will materially improve the Com$-$ pany's long$-$term growth and profitability."