J.C. Penney to cut 1,000 jobs
J.C. Penney Co. Inc. plans to lay off about 1,000 employees at its headquarters in Plano, Texas and at its Pittsburgh customer call center, Reuters reported. The plan is part of its previously announced cost-cutting measures.
The retailer said it will take a pre-tax cash charge of $30 million to $38 million, most of which will be recognized in its first quarter ending April 28, primarily for one-time termination costs.
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