J.C. PENNEY TO CUT 1K JOBS
J.C. Penney, the 118-year-old retailer that filed for bankruptcy in May, said on Wednesday that it would cut 1,000 corporate, field management and international jobs, as the company shrinks and closes 152 stores.
The layoffs ,according to a dispatch from The New York Times, are separate from job cuts tied to the retailer’s first round of store closures, where most liquidation sales have started. A spokeswoman for J.C. Penney has said that the retailer plans to close up to 250 locations over all, which would leave it with roughly 600 stores.
J.C. Penney, which is based in Plano, Texas, said in bankruptcy filings that it had nearly 85,000 associates, but did not specify how many were full or part time.
The cuts at the corporate level add to the broader pain in the retail industry, which has been left reeling from the pandemic. The disruption has forced a spate of bankruptcies since May and spurred layoffs at surviving retailers. Macy’s said last month that it would cut about 3,900 corporate and management jobs, or 25 percent of that staff.