JCP<>It's 'timber!' time: CEO Johnson swings ax to cut Penny inventory By JAMES COVERT Last Updated: 1:07 AM, May 15, 2012 Posted: 12:32 AM, May 15, 2012 Read more: http://www.nypost.com/p/news/business/it_timber_time_GUQC1hzaQfz1sjqFJbgAnL#ixzz1uwAy6T1A