JCPenney announces 1,000 layoffs amid organizational restructuring

News

PLANO, Texas (WJW) — JCPenney will be laying off approximately 1,000 employees as part of their organizational restructuring plan.

The company announced Wednesday it is aligning its workforce with its store optimization strategy and reduced store footprint.

The layoffs are impacting those holding corporate, field management, and international positions.

ORLANDO, FLORIDA, UNITED STATES – 2020/05/15: A JC Penney store that was temporarily closed due to the COVID-19 pandemic is seen on the day the company filed for bankruptcy protection and announced it would be closing some of its 800 stores amid the coronavirus crisis and ongoing debt problems. (Photo by Paul Hennessy/SOPA Images/LightRocket via Getty Images)

JCPenney will provide a comprehensive benefits package for its departing associates, including severance for eligible associates, healthcare coverage through COBRA, outplacement support, compensation for unused paid time off and extended associate discount benefits.

“Each of these associates has made valuable contributions to the legacy of JCPenney, and we are truly grateful for their service,” Jill Soltau, Chief Executive Officer of JCPenney, said in a press release. “These decisions are always extremely difficult, and I would like to thank these associates for their hard work and dedication. We are committed to supporting them during this period of transition.”

The company says the organizational restructuring will create a smaller and more financially flexible company which will help ensure JCPenney emerges from both Chapter 11 bankruptcy and the coronavirus pandemic as an even stronger retailer.

The plan also calls for JCPenney to close 152 stores.

More information on JCPenney’s financial restructuring is available at jcprestructuring.com.

GET THE LATEST HEADLINES ON FOX8.COM:

Around the Buckeye State

More Ohio News
FOX 8 Cleveland Weather // Quick Links:

Hot on FOX 8

More Viral