Penney's CEO stresses long haul

J.C. Penney CEO Ron Johnson took personal responsibility Wednesday for the retailer's steep sales declines and $985 million net loss in 2012, acknowledging some missteps amid his overhaul of the department store, including eliminating sales and coupons. "We'll offer sales each and every week as we move forward," he said, adding that the department store now also brought back coupons in the form of "gifts" for rewards members.

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