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JCPenney Slashes Payroll Again, Calls Reorganization Complete

Jul 10, 2012 2:43 PM   By Jeff Miller
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RAPAPORT... J. C. Penney Company Inc. laid off another 350 professionals from its headquarters  as part of a  restructuring plan that began in April. The company announced today that the effort was ''fundamentally complete.'' The savings generated by the latest round of layoffs will contribute to the company's previously announced plan to achieve an annual run-rate of approximately $900 million in expense savings by the end of 2012, which would be one year ahead of its initial plan.

''One of the most challenging tasks for any leadership team is to reorganize a company,'' said Ron Johnson, JCPenney's chief executive. ''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. 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.''

Tags: jcpenney, Jeff Miller, layoff, restructuring
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