The Associated Press is reporting today that J.C. Penney is streamlining its pricing and permanently marking down all of its merchandise by at least 40 percent.

"On Feb. 1, the retailer is rolling out a three-tiered strategy that offers "Every Day" low pricing daily, "Month-Long Value" discounts on select merchandise each month and
clearance deals called "Best Prices" during the first and the third Friday of every month when many shoppers get paid," AP reports.

According to a J.C. Penney press release:

"Rather than inundating the customer with a relentless series of sales, coupons, rebates and retail gimmicks, jcpenney will host 12 promotional events each year, on a monthly calendar. Each month will include even better values on the things customers are looking to buy during the month and a host of exciting products and services that are unique to the month."

View this press release for more information about the new pricing, brand identity, new logo, new products and planned physical changes to its stores.