J. C. Penney (JCP) Says Restructuring Effort Announced in Apr. Almost Complete, Will Cut 350 Jobs at HQ
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Price: $18.98 +0.90%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 2.3%
Revenue Growth %: -16.3%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 2.3%
Revenue Growth %: -16.3%
Trade JCP Now!
J. C. Penney Company, Inc. (NYSE: JCP) today announced that the restructuring effort it began in April to create a leaner and more simplified operating structure is now fundamentally complete.
Today's announcement will result in the elimination of approximately 350 positions at jcpenney's headquarters. The savings generated by these actions will contribute to the Company's previously announced expectation to achieve an annual run rate of approximately $900 million in expense savings by the end of 2012, one year ahead of its initial plan.
CEO Ron Johnson said, "One of the most challenging tasks for any leadership team is to reorganize a company. 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."
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Today's announcement will result in the elimination of approximately 350 positions at jcpenney's headquarters. The savings generated by these actions will contribute to the Company's previously announced expectation to achieve an annual run rate of approximately $900 million in expense savings by the end of 2012, one year ahead of its initial plan.
CEO Ron Johnson said, "One of the most challenging tasks for any leadership team is to reorganize a company. 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."
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