News

JC Penney cuts jobs, misses earnings predictions

March 5, 2018

Struggling retailer J.C. Penney has chopped about 360 jobs in a cost-savings effort and missed industry predictions regarding earnings.

The news, according to USA Today, sent shares downward. The report said cuts were made at both stores and corporate headquarters as part of a streamlining strategy. The workforce reduction should save the retailer between $20 million and $25 million a year, noted the report.

"As the company continues to make progress on its strategic framework and implement new processes and organizational efficiencies, it is imperative that we maintain a thoughtful approach to managing expenses, while effectively supporting the needs of the business," CEO Marvin Ellison, said in a statement.