PLANO, Texas, July 10, 2012 /PRNewswire/ -- J. C. Penney Company, Inc. ("jcpenney") (NYSE:JCP) today announced that the restructuring effort it began in April to create a leaner and more simplified operating structure is now fundamentally complete.
"One of the most challenging tasks for any leadership team is to reorganize a company. In April, we began right-sizing our headquarters from a people perspective to align our teams with jcpenney's new business model. The actions taken today mark the final phase of those efforts," said CEO Ron Johnson. "We have simplified processes, removed unnecessary work and reduced layers to help us make better and faster decisions. While difficult, these decisions are in the long-term interests of jcp and our stakeholders."
Today's announcement will result in the elimination of approximately 350 positions at jcpenney's headquarters. The savings generated by these actions will contribute to the Company's previously announced expectation to achieve an annual run rate of approximately $900 million in expense savings by the end of 2012, one year ahead of its initial plan.
Over 110 years ago, James Cash Penney founded his company on the principle of treating customers the way he wanted to be treated himself: fair and square. Today, rooted in its rich heritage, J. C. Penney Company, Inc. (NYSE: JCP) is re-imagining every aspect of its business in order to reclaim its birthright and become America¹s favorite store. The Company is transforming the way it does business and remaking the customer experience across its 1,100 jcpenney stores and on jcp.com. At every visit, customers will discover straightforward Fair and Square Pricing, month-long promotions that are in sync with the rhythm of their lives, exceptionally curated merchandise, artful presentation, and unmatched customer service. For more information about jcpenney, visit jcp.com.
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SOURCE J. C. Penney Company, Inc.