CEO Ron Johnson
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.
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