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Tue Jul 10, 2012, 04:58 PM

Penney lays off 350 workers at Texas headquarters

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

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Reply Penney lays off 350 workers at Texas headquarters (Original post)
OhioChick Jul 2012 OP
raccoon Jul 2012 #1
patrice Jul 2012 #2
Sherman A1 Jul 2012 #7
Itchinjim Jul 2012 #3
Ikonoklast Jul 2012 #4
bongo_x Jul 2012 #5
TexasTowelie Jul 2012 #6
JNelson6563 Jul 2012 #8

Response to OhioChick (Original post)

Tue Jul 10, 2012, 05:06 PM

1. Sure hope they laid off enough people to give the new CEO a huge salary. :sarcasm: nt

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Response to OhioChick (Original post)

Tue Jul 10, 2012, 05:07 PM

2. Wonder what the age range was.

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Response to patrice (Reply #2)

Wed Jul 11, 2012, 04:21 AM

7. Shouldn't be too hard to guess

that they were the higher pay ranges and most likely the older workers.

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Response to OhioChick (Original post)

Tue Jul 10, 2012, 05:30 PM

3. "New Coke"

They'll never learn.

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Response to OhioChick (Original post)

Tue Jul 10, 2012, 07:53 PM

4. J.C. Penney is in a death spiral.

And the new CEO's marketing tactics are not working at all.

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Response to OhioChick (Original post)

Wed Jul 11, 2012, 01:45 AM

5. I bought a bunch of clothes there last week...

I bought a bunch of clothes there last week. I donít know if Iíve ever shopped there before. Their plan seems a little fragmented, but I like what theyíre trying to do with the simple pricing, I like the same sex couple ads they ran, and I like the clothes a lot.

I like to support businesses who try to do things I like, so many of them donít.

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Response to OhioChick (Original post)

Wed Jul 11, 2012, 03:02 AM

6. Thanks, I went ahead and cross-posted this in the Texas Group.

Oddly enough, the AP article came out at 4:20? At least it was ET and we're CT.

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Response to OhioChick (Original post)

Wed Jul 11, 2012, 09:53 AM

8. Maybe they need to change their buying matrix

Cause the poorly sewn, jammed into the rack, sweat shop crap their selling doesn't work for me. Oh and they may want to look into expanding their range of sizes. Not everyone is a size 12 or higher. Just because I am of very slight build doesn't mean I want to drag my 49 year old butt over to juniors to buy ridiculously styled poorly sewn sweatshop crap.

Their inventory is so poorly managed, poor variety, shitty quality and (in many cases) over-priced~~I can only imagine what kind of nightmare their buyers must live through on a daily basis.

Julie

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