J.C. Penney Co Inc Cuts 1000 Jobs At Headquarters, Pittsburgh-Reuters

Reuters reported that J.C. Penney Co Inc laid off about 1000 employees at its headquarters in Plano, Texas and Pittsburgh customer call center, as part of its previously announced cost cutting measures, the Company said in a regulatory filing on April 06, 2012. The retailer said it will take a pre-tax cash charge of $30 million to $38 million, most of which will be recognized in its first quarter ending April 28, primarily for one-time termination costs. On April 05, 2012 the Company outlined plans to cut about 900 jobs, including roughly 600 at its headquarters, as it trims costs and tries to start running its 110 year old business more like a nimble start-up.