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Report: Another layoff coming at Penney's Plano campus
- Lance Murray
- Digital Content Producer- Dallas Business Journal
Could more mass layoffs be coming this month at J.C. Penney's Plano headquarters? The New York Post says yes, and that insiders are calling it the "St. Valentine's Day Massacre."
The Post said that CEO Ron Johnson plans to lay off at least 10 percent of the remaining 3,000 workers at the the Plano headquarters.
The newspaper said that Johnson originally planned to notify the employees last month, but decided to wait until after Penney's (NYSE: JCP) fiscal year ended last week.
Sources told the Post that the cuts will be caused by Penney being low on cash as it struggles to gain acceptance from customers who have rejected Johnson's marketing and pricing strategy. The company recorded three straight losing quarters last year.
A Penney spokesman declined to comment to the Dallas Business Journal.
"We do not comment on speculation or rumor," spokesman Joey Thomas said.
Penney laid off 350 headquarters employees in July 2012 in what the company called its "final phase" to reorganize employees at the Plano campus.
Associate Editor Steven R. Thompson contributed to this report.
Lance Murray edits and writes for the DBJ's website and can be reached at 214-706-7106..
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