Fri Apr 6, 2012, 08:51 AM

marmar (60,921 posts)

JCPenney to cut 900 jobs in Texas and Pittsburgh

(Reuters) - J.C. Penney Co Inc said on Thursday that it will cut about 900 jobs, including roughly 600 at its headquarters, as it trims costs and tries to start running its 110-year-old business more like a nimble start-up.

The Plano, Texas-based retailer, which has already overhauled its pricing strategy under new chief executive Ron Johnson, said it plans to close a customer call center in Pittsburgh, affecting about 300 employees.

The roughly 600 workers being let go in Plano represent about 15 percent of the staff at the company's main office.

"We are going to operate like a start-up," said Johnson, a former Apple Inc and Target Corp executive. "Often in business, companies must streamline in order to leap forward." .................(more)

The complete piece is at: http://www.reuters.com/article/2012/04/05/us-jcpenney-idUSBRE8340WQ20120405

11 replies, 1120 views

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11 replies	Author	Time	Post
JCPenney to cut 900 jobs in Texas and Pittsburgh (Original post)	marmar	Apr 2012	OP
I am worried about my niece who works in Plano	liberal N proud	Apr 2012	#1
"I mean, yes it's unfortunate, but that's a sacrifice I'm willing to make! They'll bounce back!"	HughBeaumont	Apr 2012	#2
How much is Ellen being paid? How many jobs did that cost?	SammyWinstonJack	Apr 2012	#5
The CEO who only worked 2 months last year before leaving got...	SomethingFishy	Apr 2012	#8
Obscene and Disgusting!	SammyWinstonJack	Apr 2012	#9
See? It's gotta be lotteries or nothing.	HughBeaumont	Apr 2012	#10
youtube	bart95	Apr 2012	#3
Operate like a start-up and pay Ellen major bucks as its spokesperson while shedding 900 jobs.	SammyWinstonJack	Apr 2012	#4
I give JC Penny's two more years.	Javaman	Apr 2012	#6
I don't think Sears is going to make it either.	Rex	Apr 2012	#7
Got a passport?	Zalatix	Apr 2012	#11

Response to marmar (Original post)

Fri Apr 6, 2012, 09:03 AM

liberal N proud (43,767 posts)

1. I am worried about my niece who works in Plano

I almost took a job with Penney's a few years ago.

They have already made some deep cuts in Plano with management.

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Response to marmar (Original post)

Fri Apr 6, 2012, 09:11 AM

HughBeaumont (20,461 posts)

2. "I mean, yes it's unfortunate, but that's a sacrifice I'm willing to make! They'll bounce back!"

All for a savings of 90 million.

How many jobs could have been saved by trimming exorbitant executive salaries?

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Response to HughBeaumont (Reply #2)

Fri Apr 6, 2012, 09:15 AM

SammyWinstonJack (35,105 posts)

5. How much is Ellen being paid? How many jobs did that cost?

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Response to HughBeaumont (Reply #2)

Fri Apr 6, 2012, 09:25 AM

SomethingFishy (2,067 posts)

8. The CEO who only worked 2 months last year before leaving got...

53 Million.. for 2 months work.

Behind the scenes at Penney, the top guy gets very high pay every day. Ronald Johnson, brought in as CEO on Nov. 1, spent just two months as chief last year. But he pulled down what was surely one of the biggest CEO salaries for 2011, topping most of those who toiled all 12 months.

Johnson got an impressive $53 million, along with $13,000 worth of personal use of the corporate jet. For managing to make so much in just 61 days -- while his company touted a thrifty new strategy -- I'm making Johnson my "One Percenter of the Week."

http://money.msn.com/investing/jc-penney-ceo-dollar53-million-in-2-months

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Response to SomethingFishy (Reply #8)

Fri Apr 6, 2012, 09:27 AM

SammyWinstonJack (35,105 posts)

9. Obscene and Disgusting!

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Response to SomethingFishy (Reply #8)

Fri Apr 6, 2012, 10:56 AM

HughBeaumont (20,461 posts)

10. See? It's gotta be lotteries or nothing.

Fire some workers and . . . fire some workers . . . . pay me my lottery millions, assholes.

Corporate America: Don't You Bitches have CHECKS to Write??

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Response to marmar (Original post)

Fri Apr 6, 2012, 09:12 AM

bart95 (488 posts)

3. youtube

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Response to marmar (Original post)

Fri Apr 6, 2012, 09:13 AM

SammyWinstonJack (35,105 posts)

4. Operate like a start-up and pay Ellen major bucks as its spokesperson while shedding 900 jobs.

WTG J. C. Penney

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Response to marmar (Original post)

Fri Apr 6, 2012, 09:16 AM

Javaman (40,662 posts)

6. I give JC Penny's two more years.

There was a local JC Penny's in my neighborhood when I was a kid. My mom bought all my school clothes there when I in elementary school in the '60's.

Sadly, times change and online juggernauts such as amazon and big box stores like china-mart have slowly destroyed dept stores such as Penny's.

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Response to marmar (Original post)

Fri Apr 6, 2012, 09:21 AM

Rex (34,696 posts)

7. I don't think Sears is going to make it either.

nt.

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Response to marmar (Original post)

Fri Apr 6, 2012, 10:58 AM

Zalatix (8,994 posts)

11. Got a passport?

Move to India, I bet JC Penney is hiring there.

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