J.C. Penney cuts 600 headquarters jobs
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Published: April 7, 2012 at 1:12 PM
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As it puts itself through a broad restructuring, the company is aiming to "operate like a start-up," CEO Ron Johnson said in a statement.
The company is seeking more accountability among its managerial team, The Wall Street Journal reported Saturday.
Earlier this year, Johnson outlined a bold strategy of turning J.C. Penney stores into a space that would house several specialty stores, as if creating a mini-mall within each of its standard -sized outlets.
Chief Operating Officer Mike Kramer said the strategy "will enable us to quickly take advantage of a variety of expense savings opportunities while enhancing our profit formula for the long term."
The strategy also calls for streamlining at the firm's Plano, Texas, headquarters.
On Thursday 600 employees at its corporate headquarters were let go, trimming the size of the management team from 4,400 to 3,800.
With the staff cuts, the retailer said it expects to save $900 million in annual expenses by the end of 2012.
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