facebook
twitter
rss
account
search
search
 

J.C. Penney cuts 600 headquarters jobs

April 7, 2012 at 1:12 PM   |   Comments

PLANO, Texas, April 7 (UPI) -- J.C. Penney Co.'s chief executive officer said it is time for the U.S. retailer to seek a fresh outlook, as the company cut 14 percent of its office staff.

As it puts itself through a broad restructuring, the company is aiming to "operate like a start-up," CEO Ron Johnson said in a statement.

The company is seeking more accountability among its managerial team, The Wall Street Journal reported Saturday.

Earlier this year, Johnson outlined a bold strategy of turning J.C. Penney stores into a space that would house several specialty stores, as if creating a mini-mall within each of its standard -sized outlets.

Chief Operating Officer Mike Kramer said the strategy "will enable us to quickly take advantage of a variety of expense savings opportunities while enhancing our profit formula for the long term."

The strategy also calls for streamlining at the firm's Plano, Texas, headquarters.

On Thursday 600 employees at its corporate headquarters were let go, trimming the size of the management team from 4,400 to 3,800.

With the staff cuts, the retailer said it expects to save $900 million in annual expenses by the end of 2012.

Topics: Ron Johnson
© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
Norways Kongsberg to demo missile for U.S. Navy Norways Kongsberg to demo missile for U.S. Navy
2
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
3
Pizza Hut hoping the "Skinny Slice" will mean big bucks
4
Anheuser-Busch not satisfied with the way NFL has handled recent incidents Anheuser-Busch not satisfied with the way NFL has handled recent incidents
5
Saab producing vehicle protection system for unidentified customer Saab producing vehicle protection system for unidentified customer
Trending News
Video
x
Feedback