JCPenney to axe about 1000 jobs as part of its restructuring bid
Category: #retail  By Pankaj Singh  Date: 2020-07-17
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JCPenney to axe about 1000 jobs as part of its restructuring bid

J.C. Penney Co., Inc., a renowned American departmental store chain, has reportedly announced plans to align its workforce with the strategy of store optimization and limited store footprint. The company states that around 152 retail shops that would be shut due to a comprehensive evaluation of strategic fit and store performance, and is presently in talks with landlords regarding the same.

This recent announcement by the departmental chain comes after a thoughtful, structured, and lengthy decision making procedure. Under the realignment process, the firm will eliminate approximately 1,000 employees from international positions, corporate as well as field management positions.

The realignment of shops would make a smaller, but financially flexible firm, and would assist the company to emerge from both COVID-19 pandemic as well as Chapter 11 being an even stronger retailer.

JCPenney CEO, Jill Soltau stated that each of the employees had made crucial contributions to the firm’s legacy, and it is truly grateful for their service. Taking such decisions is always a tough task, and the firm would be thankful to all associates for their dedication and hard work. The company is committed to helping these associates in this period of transition.

Soltau added that global economic and health crisis caused due to COVID-19 has impelled retail companies to make tough decisions. Reducing footprint and boosting the company’s store optimization strategy while implementing its renewal plan is a tough decision for JCPenney.

As the retail chain sector continues to evolve, the firm would continue to make strategic and thoughtful decisions to provide compelling merchandise, offer an engaging experience, drive traffic, develop a result oriented culture and fuel growth to make sure that the firm remain at the core of America’s communities for years to come.

Source Credit: https://www.businesswire.com/news/home/20200715005721/en/JCPenney-Announces-Organizational-Restructuring



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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