Monday, January 23, 2012

J.C. Penney to Cut Thousands of Jobs as Part of Overhaul

J.C. Penney (JCP: 34.89, -0.20, -0.57%) reportedly plans to slash thousands of jobs nationwide as part of a massive overhaul of the department store, led by new CEO and former Apple (AAPL: 425.87, +5.57, +1.33%) executive, Ron Johnson.

The layoffs were announced internally earlier this month and become effective on Monday, according to the New York Post.

It is expected to impact workers at nearly all of the aging chain’s 1,200 stores across the U.S., in many cases hitting dozens of workers at a single location, according to the report.
A company spokeswoman said the layoffs will impact temporary seasonal workers who had helped with the re-ticketing of merchandise, but unidentified sources told the Post the axe will also hit long-time employees.

"As planned, we held over some seasonal holiday hires to help us with the re-ticketing of merchandise," spokeswoman Sarah Keller said in an e-mail to FOX Business. "As this project comes to a close over the next several weeks, the temporary employment of these seasonal hires will come to an end."

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