J C Penney Company Inc Cuts Another 350 Head Quarter Jobs-Reuters

Reuters reported that J C Penney Company Inc announced another 350 job cuts at its Plano, Texas headquarters, completing a reorganization of its home office designed to help it bring costs in line with those of rivals. The department store chain, which is involved in a radical transformation including a new pricing strategy and the remodeling of its fleet of 1,100 stores, said the cuts will contribute to its previously announced plan to reduce costs by $900 million a year by the end of 2012. The Plano, Texas-based retailer said in April it would lay off 600 workers at its headquarters. As of January 28, 2012, the Company had 159,000 employees.