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JCPenney Wire

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The going is predictably tough for a fallen JCPenney, but now we know how tough: Sales fell 16.6 percent in the first quarter, which is 3.4 percent more than analysts expected after Mike Ullman returned as CEO. Reuters blames the drop on lingering effects of Ron Johnson's marketing policies, and not the most awkward apology ad of all time, always. [Reuters]