Department store chain J.C.Penney has slashed hundreds of jobs as its new owners try to reshape the company that emerged from bankruptcy in late 2020.
J.C.Penney’s retail and operating assets were acquired by Brookfield Asset Management Inc. and Simon Property Group after the company sought protection in bankruptcy court at the beginning of the pandemic.
Despite new owners, the woes continue for the ailing company, which cut 650 jobs last week as a way to streamline operations.
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The move impacted store, field and corporate teams. However, less than 1.5% of its total associate base was affected, the company told FOX Business.
"After months of operational review by our new owners, Simon Property Group and Brookfield Asset Management, JCPenney has adjusted our structure to better meet our strategic priorities," J.C. Penney said in a statement to FOX Business. "We have streamlined our organization, resulting in the elimination of positions across our corporate, field, and stores teams."