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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!