J.C. Penney to eliminate thousands of jobsJanuary 24th, 2012 - 1:08 am ICT by Aishwarya Bhatt
New York, Jan 23 (THAINDIAN NEWS) Retailer JC Penney is all set to eliminate thousands of jobs in an apparent bid to cut costs and bring back the company from the red.
According to reports, CEO Ron Johnson is hell bent on bidding adieu to all those job positions in which the employees just re-tag the merchandise and set up displays. There are more than 1100 stores of the retailer in the US and almost all of them are going to face the crunch in lieu of this decision. Not only the temporary workers will face the axe, but some permanent workers are also going to lose their jobs.
The company is also planning to come out in the public with this hard decision soon and 25th of January 2012 has been earmarked for it. Apparently the job cuts have the nod of the company’s shareholders, namely William Ackman and Steve Roth, who control most of the stock.
Apart from the job cuts, the company is also trying to dig itself out of the red with some new ideas and a strong team to lead it. Plans are also in the pipeline to introduce some new product lines as well.
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