JCPenney Is Firing Hundreds At Its Corporate Headquarters For The Second Time This Year

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Photo: Daniel Goodman / Business Insider

JCPenney has announced that it’s cutting another 350 jobs at its corporate headquarters as part of its restructuring plan.Back in April, it laid off 600 workers at the HQ — approximately 10% of its home office staff at the time.

JCPenney says that it’s the “final phase” in the home office transformation process, which is good news for the workers that still have their jobs.

Here’s the press release:

PLANO, Texas, July 10, 2012 /PRNewswire/ — J. C. Penney Company, Inc. (“jcpenney”) (NYSE:JCP) today announced that the restructuring effort it began in April to create a leaner and more simplified operating structure is now fundamentally complete.    

“One of the most challenging tasks for any leadership team is to reorganize a company.  In April, we began right-sizing our headquarters from a people perspective to align our teams with jcpenney’s new business model. The actions taken today mark the final phase of those efforts,” said CEO Ron Johnson. “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.”  

Today’s announcement will result in the elimination of approximately 350 positions at jcpenney’s headquarters. The savings generated by these actions will contribute to the Company’s previously announced expectation to achieve an annual run rate of approximately $900 million in expense savings by the end of 2012, one year ahead of its initial plan.

Work at JCPenney (at the headquarters or in-store)? Please email me at [email protected].

NOW SEE: Here’s What JCPenney Retail Employees REALLY Think Of CEO Ron Johnson >

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