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J.C. Penney Won’t Explain Actual Job Losses

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J.C. Penney, the embattled Plano, Texas based retailer, plans to lay off 10% of its headquarters staff of 10,000, according to the New York Post. So far, they’ve been quiet about the loss of 300 additional jobs.

The cuts were supposed to happen last month, but CEO Ron Johnson delayed it until the end of the company’s fiscal year.

When contacted by just-style on February 8th, their spokesperson declined to comment, referring to the report in the post as “rumor or speculation.”

The company has been cutting headquarters staff in an effort to reduce overhead. They eliminated 600 jobs in April and 350 jobs in July, as far of the firm’s turnaround attempt.

J.C. Penney has been struggling with a massive third quarter loss and a double-digit decline in same-store sales. CEO Ron Johnson’s turnaround plan, which eliminated discounting in favor of everyday low prices, has largely failed to achieve the desired improvement in foot traffic and sales.

The company will release its full-year and fourth quarter results during February.

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