The department-store chain on Tuesday reported a larger-than-expected first-quarter loss largely because customers were turned off by the retailer’s new plan to get rid of big sales throughout the year in favor of everyday low pricing.

The idea of the strategy, which was rolled out on Feb. 1, is to discourage shoppers from waiting for the nearly 600 sales Penney used to offer each year. But the move has backfired: It seems many faithful Penney customers have stopped shopping altogether.

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Access the full story here. (Also includes 2:12 minute video clip from Reuters on the new strategy when it was first introduced)