Jcpenney how many employees

Layoffs were made last week and also included some open positions, and some employees were offered alternate positions when possible, JCPenney told The Dallas Morning News. JCPenney has been undergoing a transformation of its operations in recent months as it looks to find its identity in a changing retail landscape. Through the reorganization, JC Penney announced at the time that it would close stores.

The company has since closed more than locations , as well as winding down some distribution centers and reducing its overall headcount at its corporate headquarters in Plano. JCPenney, like many retailers, found itself filing for bankruptcy protection during the pandemic amid financial struggles, which were only compounded as stores temporarily closed in March during the shutdown of all nonessential businesses.

On Dec. No replacement has been named. At the time that it first entered bankruptcy, JCPenney had 85, workers and stores. It now has locations. Penney has some locations that do much worse than others. Retailers try to solve this problem by shuttering its worst-performing stores. The problem is that at some point a large retailer no longer has a national footprint and cannot be a shopping destination for a large portion of U.

Another effect of store closures is that the cost of administration across the entire company becomes a larger portion of overall costs. Central headquarters staff can be big and cumbersome, which drives down corporate profitability or adds to losses.

However, most of J. As these stores start to close, the workers become the primary target of layoffs. It is too early to tell how many of the approximately nearly stores will close. Based on store performance and financial figures, to become profitable, J.

Penney would need to close about stores. If each store has the same number of employees which is not the case , layoffs would reach almost 15, Some headquarters staff would be laid off as well. Penney joins a list of retailers that have hit rock bottom. Most recently, these include J. Crew and Neiman Marcus.