CEO Ron Johnson
Ahead of a ruling in its fight with Macy’s over Martha Stewart products, Plano-based J.C. Penney Co. is scaling back its partnership with the media and merchandising company.
The move comes two weeks after Ackman resigned from J.C. Penney’s board as part of a deal to resolve an unusually public battle between the activist investor and the struggling department store operator.
J.C. Penney Co. confirmed Friday it’s eliminating an additional 2,200 jobs as the struggling department store chain slashes costs after a year of plunging sales and mounting losses.
Shares of J.C. Penney fell 10.6 percent on Tuesday to a four-year low after media reports said a large shareholder sold a chunk of the struggling retailer’s stock.
The mid-priced department store chain reported another much larger-than-expected loss in the fiscal fourth quarter on a nearly 30 percent plunge in revenue in the latest sign shoppers aren’t happy with the changes it’s made in the past year.