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J.C. Penney to Slash 350 HQ Jobs (JCP, KSS)

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J.C. Penney Co. Inc. (NYSE:JCP) announced additional job cuts at its Plano, Texas headquarters. After announcing in April that it would cut 600 headquarter jobs, the company today said that it will slash another 350 headquarter jobs. The retailer is cutting jobs as it looks to bring costs in line with those of its rivals.

Back in 2010, J.C. Penney’s selling, general and administrative expenses were 31% of total revenue, which was 10 percentage points higher than rival Kohl’s Corp. (NYSE:KSS).

J.C. Penney is undergoing a major transformation. Earlier this year, the company had announced that it plans to cut costs by $900 a million a year by the end of this year.

J.C. Penney has also adopted a new pricing strategy and is revamping its stores. The retailer also discontinued coupons and majority of sales events. However, the results have not been impressive so far. JCP’s same-store sales dropped 18.9% in the first quarter. The company also posted an unexpected loss in the quarter.

JCP stock is down sharply in early trading today. At last check, the stock was trading 2.79% lower at $20.18, which is a new 52-week low.

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