J.C. Penney Lays Off 350 Workers at Texas Headquarters

J.C. Penney lays of 350 in Plano

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    NEWSLETTERS

    TK
    NBC 5

    J.C. Penney Co. says it is laying off 350 more workers at its headquarters in Plano as the department store struggles to transform its business under a new CEO.

    The cuts, announced Tuesday, follow the company's move in April to eliminate 600 workers at its headquarters.

    Penney is cutting costs amid the difficult task of turning around its business. It is overhauling every aspect of its operations, from a new pricing plan to new brands.

    The new pricing plan, which cuts hundreds of sales events, has turned off shoppers. The company reported a bigger-than-expected loss and a 20 percent drop in revenue in the first quarter.

    Penney now has 3,100 workers at its headquarters, a 29 percent reduction from the 4,400 employees it had before the layoffs this spring.