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Wed Jul 11, 2012, 02:59 AM

Penney lays off 350 workers at Texas headquarters

cross-post from OhioChick.

http://www.democraticunderground.com/1014162961

Source: AP

July 10, 2012 4:20 PM ET

NEW YORK (AP) - J.C. Penney Co. workers are feeling more pain as the department store chain struggles with a transformation.

More than five months into big changes under its new CEO, Penney announced Tuesday that it's laying off another round of workers at its headquarters in Plano, Texas. The 350 workers being cut were primarily in finance, technology, product development and sourcing, according to company spokeswoman Kate Coultas.

The latest layoffs mean Penney has slashed its headquarters workforce nearly 30 percent, to 3,100 employees, since spring.

Penney is cutting costs amid the difficult task of turning around its business to make it more nimble. But investors are losing faith in Penney's strategy, and shares dropped nearly 6 percent Tuesday. The stock has lost half its value since February after initially climbing on optimism about the changes.

Read more: http://money.msn.com/business-news/article.aspx?feed=AP&date=20120710&id=15315657

Not the type of news that I want for my 4:20.

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Reply Penney lays off 350 workers at Texas headquarters (Original post)
TexasTowelie Jul 2012 OP
CurtEastPoint Jul 2012 #1
DriftingDem Jul 2012 #2

Response to TexasTowelie (Original post)

Wed Jul 11, 2012, 02:03 PM

1. Just wait. The Million Moms/Focus Fundies will claim victory

because they called for a JCP boycott due to their showcasing Ellen and other real Americans who are gay.

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Response to TexasTowelie (Original post)

Thu Jul 12, 2012, 06:37 PM

2. Sigh

I was really expecting more from Ron Johnson. Looks like he wasn't CEO material after all.

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