JCPenney streamlining staff at HQ
April 5, 2012,
The release was short on details, saying the retailer is "rebuilding" its merchandising and planning & allocation teams. Estimates from the business press put the cuts at between 10% to 13% of staff.
"We are going to operate like a start-up," said ceo Ron Johnson, who earlier this year asserted the ratio of managers to direct reports at JCPenney was out of sync with the rest of the industry.
The new structure, he said today, will make the company "nimble, quick to learn, quicker to react."
JCPenney also plans to reduce store operations costs by $400 million and advertising expenses by $300 million.
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