J.C. Penney Layoffs to Hit 1,000

PLANO, Texas-In a filing with the U.S. Securities and Exchange Commission, J.C. Penney said it had notified about 1,000 employees that they will be laid off in the streamlining initiative it announced last week.

The employees work in the company's headquarters here and in its Pittsburgh call center, which the company said would close on July 1. In the filing, the company estimated that it would incur pretax charges of $30 million to $38 million from the layoffs in the first quarter, related to one-time termination benefits.

The layoffs are part of J.C. Penney's plan, announced in January, to slash annual expenses by $900 million by the end of 2013.

HFN Staff | News & Commentary

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