Originally posted on CBS Dallas / Fort Worth:
PLANO (AP) – J.C. Penney Co. confirmed Friday it’s eliminating an additional 2,200 jobs as the struggling department store chain slashes costs after a year of plunging sales and mounting losses.
According to Joey Thomas, a company spokesman, those being axed work in back-office administration in stores and district offices. He noted that the cuts translate to an average elimination of two positions per store.
The cuts come as Penney lost $4.3 billion in revenue for the year as a strategy launched in early 2012 by CEO Ron Johnson to scale back most sales in favor of everyday prices has failed to resonate with shoppers. The pricing strategy is a key element of Johnson’s bigger plan to reinvent Penney’s business that also includes installing shops filled with hip new brands to replace racks of clothing.
Penney reported last month its quarterly loss widened to $552 million, or $2.51 per share…
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