JCPenney to cut 900 jobs in Texas and Pittsburgh

[marmar]

(Reuters) - J.C. Penney Co Inc said on Thursday that it will cut about 900 jobs, including roughly 600 at its headquarters, as it trims costs and tries to start running its 110-year-old business more like a nimble start-up.

The Plano, Texas-based retailer, which has already overhauled its pricing strategy under new chief executive Ron Johnson, said it plans to close a customer call center in Pittsburgh, affecting about 300 employees.

The roughly 600 workers being let go in Plano represent about 15 percent of the staff at the company's main office.

"We are going to operate like a start-up," said Johnson, a former Apple Inc and Target Corp executive. "Often in business, companies must streamline in order to leap forward." .................(more)

The complete piece is at: http://www.reuters.com/article/2012/04/05/us-jcpenney-idUSBRE8340WQ20120405

[liberal N proud]

1. I am worried about my niece who works in Plano

I almost took a job with Penney's a few years ago.

They have already made some deep cuts in Plano with management.

[HughBeaumont]

2. "I mean, yes it's unfortunate, but that's a sacrifice I'm willing to make! They'll bounce back!"

All for a savings of 90 million.

How many jobs could have been saved by trimming exorbitant executive salaries?

[SammyWinstonJack]

5. How much is Ellen being paid? How many jobs did that cost?

[SomethingFishy]

8. The CEO who only worked 2 months last year before leaving got...

53 Million.. for 2 months work.


Behind the scenes at Penney, the top guy gets very high pay every day. Ronald Johnson, brought in as CEO on Nov. 1, spent just two months as chief last year. But he pulled down what was surely one of the biggest CEO salaries for 2011, topping most of those who toiled all 12 months.

Johnson got an impressive $53 million, along with $13,000 worth of personal use of the corporate jet. For managing to make so much in just 61 days -- while his company touted a thrifty new strategy -- I'm making Johnson my "One Percenter of the Week."


http://money.msn.com/investing/jc-penney-ceo-dollar53-million-in-2-months

[SammyWinstonJack]

9. Obscene and Disgusting!

[HughBeaumont]

10. See? It's gotta be lotteries or nothing.

Fire some workers and . . . fire some workers . . . . pay me my lottery millions, assholes.

Corporate America: Don't You Bitches have CHECKS to Write??

[bart95]

3. youtube

[SammyWinstonJack]

4. Operate like a start-up and pay Ellen major bucks as its spokesperson while shedding 900 jobs.

WTG J. C. Penney

[Javaman]

6. I give JC Penny's two more years.

There was a local JC Penny's in my neighborhood when I was a kid. My mom bought all my school clothes there when I in elementary school in the '60's.

Sadly, times change and online juggernauts such as amazon and big box stores like china-mart have slowly destroyed dept stores such as Penny's.

[Rex]

7. I don't think Sears is going to make it either.

nt.

[Zalatix]

11. Got a passport?

Move to India, I bet JC Penney is hiring there.