Bloodbath at JCPenney (JCP) Continues With Company Struggling to Mount Turnaround

March 7, 2013 7:19 AM EST

Typical JCP Employee

Does the fun ever stop at JCPenney (NYSE: JCP)?

According to the NY Post, JCPenney has canned about 1,500 store-level managers and merchandising employees. News comes following reports that 300 people were fired at JCPenney's headquarters and after 8,000 positions were cut last year.

Since fourth-quarter 2012 results were release last week, questions have transpired on whether CEO Ron Johnson would be keeping his job or whether he would be pushed out early. No word has been made since and Johnson has been testifying in a courtroom battle with Macy's (NYSE: M) and Martha Stewart Omnimedia (NYSE: MSO) recently.

Shares of JCPenney have been under pressure following affirmation earlier this week that Vornado (NYSE: VNO) would be unloading 10 million shares of its JCPenney holdings after the firm determined that the stock was more of a distraction than it was worth. Vornado took a substantial hit on the sales, selling for about $10 less per share than the average purchase price.

Into the open, JCPenney is indicated higher. Since the start of 2013, shares have tanked over 26 percent to close at $14.43 Wednesday.

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