JC Penney Cuts 650 Jobs – SGB Media

J.C. Penney has eliminated about 650 jobs in an effort to adjust “our structure to better meet our strategic priorities,” according to a company statement. The job cuts followed an operational review by the company’s new owners, Simon Property Group and Brookfield Asset Management.

The latest round of layoffs, first reported by The Dallas Morning News,  are spread across its stores, field operations and corporate headquarters and represent about 1.5 percent of the retailer’s workforce. It currently has more than 50,000 employees. Roughly 100 of the impacted jobs were at its corporate offices, where 3,500 people are employed.

The cuts, which were made last week, included eliminating open positions, while some employees were offered alternative roles where possible.

“After months of operational review by our new owners, Simon Property Group and Brookfield Asset Management, J.C. Penney has adjusted our structure to better meet our strategic priorities,” the company said in a media statement. “We have streamlined our organization, resulting in the elimination of positions across our corporate, field and stores teams.”
The company added, “While it is never easy to make decisions that directly affect our valued associates, the actions last week … were a necessary step to ensure the long-term success of our company.”
The company, which filed for Chapter 11 in December 2020, was bought by Simon Property Group and Brookfield Asset Management in September 2020 in a $1.75 billion deal.
Photo courtesy J.C. Penney

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