J.C. Penney cuts 350 jobs at headquarters
New York -- J.C. Penney Co. on Tuesday announced that it is eliminating approximately 350 positions at its headquarters in Plano, Texas, completing a reorganization of its corporate office that it said was designed to create a leaner and more simplified operating structure.
“The actions taken today mark the final phase of those efforts. We have simplified processes, removed unnecessary work and reduced layers to help us make better and faster decisions,” said CEO Ron Johnson. “While difficult, these decisions are in the long-term interests of jcp and our stakeholders.”
The department store chain said the cuts will contribute to its previously announced plan to reduce costs by $900 million annually by the end of 2012, one year ahead of time.
The cuts announced Tuesday follow the company’s move in April to eliminate 600 workers at its headquarters. J.C. Penney now has 3,100 workers at its headquarters, which represents a 29% from the 4,400 employees it had prior to the first round of layoffs this spring, according to the Associated Press.