Everyone on Wall Street and Main Street is watching to see whether department-store chain J.C. Penney can turn its business around. Once a thriving company, the chain is now struggling and losing money -- $80 million in such as Wal-Mart and Target and high-end department stores such as Nordstrom and Saks Fifth Avenue. That’s why, last year, the company hired Apple executive Ron Johnson to right the ship.

So how's this turnaround going so far? Well, the show isn't over, but right now it's looking like a disaster. Q2 same-store sales were down 22%, and total sales were down 23%. But Johnson's latest move may prove even worse for this legendary retailer.

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