JC Penney Cuts 1,000 Jobs, Amends Business Plan Deadline
Law360 (July 15, 2020, 8:47 PM EDT) -- Bankrupt retailer J.C. Penney announced a 1,000-employee reduction in its workforce Wednesday, the latest development in a nearly 850-store restructuring strategy launched with the company's retreat into Chapter 11 on May 15 in Texas bankruptcy court.
The announcement followed the company's report on June 4 that it would close more than 150 stores and surfaced just a day after a disclosure that the retailer and its lenders agreed to extend by about two weeks plan approval deadlines established in its Chapter 11 loan agreements.
Workforce cuts will focus on corporate, field management and international positions, the company said.
"This organizational restructuring...
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