J.C. Penney is permanently marking down all of its merchandise and getting rid of hundreds of sales.

Penney said Wednesday that it is getting rid of the hundreds of sales it offers each year in favor of a simpler approach to pricing. On Feb. 1, the retailer is rolling out a three-tiered strategy that offers "Every Day" low pricing daily, "Monthly Value" discounts on select merchandise each month and clearance deals called "Best Price" during the first and the third Friday of each month when many shoppers get paid.

The plan is similar to Wal-Mart Store Inc.'s iconic everyday low pricing strategy except that Penney's goal isn't to undercut competitors. Instead, Penney aims to take the guesswork out of shopping in its stores by offering customers fewer sales and more predictable pricing.

Read more at StatesmanJournal.com.