JC Penney’s chief executive, former Apple Retail boss Ron Johnson, has been ousted and replaced by his predecessor at the US department store group, Mike Ullman.

In the year to January 28, JC Penney turnover plummeted 25% to $12.98bn (£8.5bn) and the retailer amassed nearly $1bn in losses.

Johnson had been attempting to turn around the retailer and focus on getting rid of discounts, replacing them with everyday low prices, and bringing in new brands.

Ullman was in charge of the department store for seven years until November 2011.

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