J.C. Penney will cut approximately 360 jobs along with shaking up its leadership team at corporate headquarters.
The company confirmed it was reducing its staff at headquarters in Plano, Texas. The company reported disappointing fourth-quarter earnings on Friday, and will eliminate 230 positions from stores and another 130 at headquarters.
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The company said the annual cost savings generated from the staff cuts will be approximately $20 million to $25 million. The retailer’s $4.03 billion in revenue missed the $4.04 billion expectation of S&P Global Intelligence analysts.
The retailer also appointed Joe McFarland as executive vice president and chief customer officer, a newly expanded role. Therace Risch, will assume the combined titles of Chief Information Officer and Chief Digital Officer to reflect her added responsibility for omnichannel retail.
“In 2018, we will intensify our market share efforts in Appliances, Mattresses and Furniture, while continuing to take steps to modernize our apparel assortment and omni-channel. Our strategy and plan is clear and consistent, and we remain focused on two critical factors - to operate the business for growth and deliver profitable earnings,” said Marvin Ellison, chairman and chief executive officer.
The retailer has locations at the Dayton Mall and the Mall at Fairfield Commons. No store closings were announced during the earnings.
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