In addition to its expected layoffs of thousands of seasonal workers, J.C. Penney Co. (JCP) will make cuts to its permanent staff at almost all of the retail chain's 1,200 U.S. stores, the New York Post reported Monday, citing sources.
The move is part of a broader restructuring initiative. Earlier this month, the company announced that it would be closing some stores and consolidating its support operations, Dow Jones Newswires reported.
Penney's two largest shareholders, Pershing Square Capital Management head William Ackman and Vornado Realty Trust (VNO), are said to be pressing Chief Executive Ron Johnson, who is credited with establishing Apple Inc.'s (AAPL) retail strength, to slim down the operation, the Post reported.
Full story at http://www.nypost.com/p/news/business/penney_pinchers_HM6H3lqDL0FlxTzaeqnSMN
-Dow Jones Newswires; 212-416-2900