JCPenney, the well-known US fashion retailer, has cut 650 jobs so as to ensure its structure is adjusted well to better meet its strategic priorities.
While confirming the same in a statement released to media, the retailer said that layoffs mainly impacted its corporate, store and field teams.
Notably, they followed an operational review by JCPenney’s new owners Simon Property Group and Brookfield Asset Management.
The retailer said that though it was never easy to take such decisions that had impact on its employees and associates, it was still necessary for the long-term success of the company.
Last year when the retailer had filed for Chapter 11 bankruptcy, one of the most talked about points – while moving the deal – was that the acquisition would save jobs.
Yes the jobs were saved, but one cannot deny that the retailer has still lost tens of thousands of jobs in last 1 year.
In fact, as per media reports, 35,000 jobs have been lost at JCPenney in last 1 year, which is way higher than the 650 jobs that have been hit now. But it is still a worry and JCPenney it seems has some difficult and long road to travel.
The American retailer generated US $ 11.167 million in 2019.