SLOW DEATH: JC Penney announces 360 job cuts

J.C. Penney on Friday said it eliminated 130 positions from its corporate headquarters in Plano, Texas.

report circulated Thursday evening that the company was eliminating staff at those offices.

“Just as we conduct a review of our stores and supply chain operations each year, we continually evaluate the productivity of our Home Office structure to ensure that it efficiently aligns with the business,” a spokesman said. “Certain positions have been eliminated as a result of this annual assessment.”

Meanwhile, Penney is shaking up staffing within its department stores.

Roughly 230 positions have been cut from Penney’s stores, the company said Friday. The annual cost savings generated from the staff cuts are estimated at about $20 million to $25 million.

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