Retail chain J.C. Penney Co. announced plans to eliminate 350 jobs at its Plano, Texas, headquarters as part of a restructuring effort it began in April.
The pink slips are expected to help the company achieve $900 million in expense savings and help meet cost-reduction goals a year ahead of its initial plan, the company said Tuesday in a statement.
"One of the most challenging tasks for any leadership team is to reorganize a company. In April, we began right-sizing our headquarters from a people perspective to align our teams with jcpenney's new business model,” said Chief Executive Ron Johnson. “The actions taken today mark the final phase of those efforts."
Johnson took over in November and proposed a new strategy, dubbed “fair and square,” to revive sales by simplifying pricing, replacing what seemed like a constant stream of sales throughout the year.
The efforts haven’t done much to boost sales and last month a top executive handpicked by Johnson left the company.
Michael Francis, a former Target Corp. executive, was brought in by Johnson in October to take over merchandising, marketing and product development to redefine the company's brand.
J.C. Penney shares fell 5.76 percent to $20.76 on Tuesday.
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