“J.C. Penney Co. (JCP) is cutting an additional 2,200 jobs to trim costs as Chief Executive Officer Ron Johnson’s revamp of the department-store chain causes sales to plunge,” Sapna Maheshwari reports for Bloomberg. “The positions to be eliminated include back-office administrators in stores and district offices as well as store leadership positions, Joey Thomas, a spokesman, said in an e- mail yesterday. About 10 percent of J.C. Penney’s 1,100 stores cut their headcounts because of sales volume shifts, he said.”

Maheshwari reports, “Johnson said last week that 19,000 J.C. Penney employees have lost their jobs in the past year as his turnaround struggles to gain traction. The retailer’s revenue fell 25 percent to $13 billion in the year ended Feb. 2, the lowest since at least 1987. Customers have been alienated by marketing missteps, a failed attempt to transition away from sales and coupons and Johnson’s plan to turn most stores into collections of boutiques.”

Maheshwari reports, “The retailer operates about 1,100 stores, according to a Feb. 27 statement. J.C. Penney employed 159,000 people as of January 2012, according to data compiled by Bloomberg.”

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MacDailyNews Take: Woolworth’s circa 1985.

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