JCPenney cuts 350 HQ jobs

PLANO, Texas — JCPenney is cutting approximately 350 positions at its headquarters as part of its plan to restructure the company.



"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."



According to JCPenney, the staff reductions will help the company save about $900 million in expenses by the end of 2012.

For the first quarter, the company reported an adjusted net loss of $55 million or 25 cents per share. Comparable-store sales for the first quarter declined 18.9%.