Jcpenney Cuts 1000 Jobs And Closes 152 Stores

About 1000 jobs were cut and about 152 jobs were closed in jcney. The U.S. retail giant plans to emerge from Chapter 11 bankruptcy protection and the new crown pneumonia pandemic to become a smaller and more flexible company.

In a statement on July 15, JCPenney said it would adjust its staffing and reduce the floor space of its stores according to its store optimization strategy.

JCPenney determined to close 152 stores after a comprehensive assessment of the performance of the stores and their compliance with the company's strategic needs, and said the company was in ongoing negotiations with landlords.

In connection with organizational restructuring, JCPenney will reduce manpower in corporate, field management and international positions.

"Every employee has made a valuable contribution to JCPenney and we are very grateful for their service," said Jill Soltau, chief executive. "I'm always grateful to my colleagues for their hard work and dedication in these difficult decisions.". We are committed to providing more support in this transitional period. 」

"The global health and economic crisis caused by the new crown pneumonia pandemic has forced retailers to make difficult decisions. For JCPenney, this includes reducing floor space and accelerating the optimization strategy of the store as we implement the plan for renewal. 」

Soltau added that as retail formats continue to evolve, JCPenney will continue to make "well planned strategic options to provide compelling merchandise, increase customer traffic, provide an engaging customer experience, drive performance growth, and build a results oriented culture."

The company said it would provide a comprehensive benefit plan for former employees, including severance payments for eligible employees, citing the cobra act nsolidated Omnibus  Budget Reco Education Act) provides medical insurance, job transfer assistance, unused paid leave allowance and extended employee discount benefits for employees participating in welfare insurance.

JCPenney filed for Chapter 11 bankruptcy protection in May this (2020).

In addition, many retailers in the United States have been heavily affected by bankruptcy in Chapter 19 of the United States.

The latest victims include women's clothing retailer RTW retailers Inc., operators of the New York & company chain, Brooks brothers, Lucky Brand and G-star raw's U.S. operations, with three in the past week alone.