J.C. Penney lays off 350 at Plano headquarters
July 10, 2012 - 3:17 pm | Category: Money
J.C. Penney Co. Inc. (NYSE: JCP) laid off more than 350 corporate employees Tuesday at its Plano headquarters, bringing the number of employees laid off at the Plano office to more than 950 since April.
“We have simplified processes, removed unnecessary work and reduced layers to help us make better and faster decisions. While difficult, these decisions are in the long-term interests of jcp and our stakeholders.” CEO Ron Johnson said in a statement.
The cuts are the “final phase” to reorganize employees at the retailer’s corporate office, J.C. Penney said. After today’s cuts, about 3,100 employees work at the headquarters at 6501 Legacy Drive.
The Texas Workforce Commission on Tuesday said that J.C. Penney had not yet filed a letter under the WARN Act.
In April, J.C. Penney cut 600 jobs at the headquarters. At the time, Johnson said the company would operate more like a startup company. The layoffs are part of the company’s plan to cut more than $900 million in annual expenses by the end of 2012.Article Source