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J.C. Penney Lays Off 300 in Texas HQ

Oct 26, 2015 1:05 PM   By Rapaport News
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RAPAPORT... J.C. Penney Company has laid off 300 staff at its headquarters in Plano, Texas, citing a need to simplify the business and increase productivity, The Dallas Morning News reported October 22.

The move, which follows the appointment of Marvin Ellison as chief executive officer on August 1, affects just under 10 percent of the company’s 3,400 employees in the base.

Ellison had been reviewing the business aiming to find areas for cost reduction since taking the helm, the report said. J.C. Penney aims to achieve roughly $2 billion in incremental sales by 2017, resulting in mid-single digit sales growth during the period, it said in a statement posted on its website last October.

It was “essential that our operations align with the strategic priorities of the company,” J.C. Penney spokeswoman Dapne Avila said in a statement to The Dallas Morning News.

“Over the last several months, the company has been evaluating its home office structure to identify opportunities for greater simplification and higher productivity.”

J.C. Penney reported net sales of $2.88 billion for the second quarter of 2015, a 2.9 percent increase from a year ago. Same-store sales rose 4.1 % for the period, it announced in a statement August 14. The company also said it expected a jump in full-year sales for 2015 of 4 to 5 percent on $11.9 billion in 2014.
Tags: J.C. Penney, layoffs, Rapaport News, retail
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