J.C. Penney Lays off 350

J.C. Penney announced on Tuesday plans to lay off about 350 workers at its headquarters in Plano, TX. The announcement comes less than one month after president Michael R. Francis abruptly left the 110-year-old company amid sinking sales and plummeting stock.

Company officials said in a press release that the restructuring effort they launched in April to create a leaner and more simplified operating structure is now fundamentally complete.

The layoffs will contribute toward the company’s previously announced expectation to achieve an annual run rate of about $900 million in expense savings by the end of 2012 – one year ahead of its initial plan. J.C. Penney CEO Ron Johnson said in the press release he is committed to the company’s Fair and Square Pricing Plan launched in February, which hasn’t resonated quite like he expected with consumers.

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