JCPenney takes emergency measures to protect bottom line

NY POST ^ | 05 MAY 16 | By Lisa Fickenscher

[DCBryan1]

JCPenney, faced with unexpected light sales in mid-April, slashed payroll, froze overtime and took other drastic cost-cutting steps in an attempt to protect its bottom line, The Post has learned.

As the end of its first fiscal quarter approached, the mid-priced department store told store managers to take the emergency measures because the chain faced “an expense challenge,” according to an internal memo obtained by The Post.

“We have an expense challenge for the month of April and are asking all stores to do their fair share by closely monitoring all expenses,” the memo said.

Employees were stunned when their hours were slashed on such short notice, one source said. The cut in employee hours saved Penney around 800 hours over two weeks — or approximately $8,000 per store.

[Morgana]

yer so bad!

[ColdOne]

Oh my!

[Chode]

may their stock goto $0.00

[Falconspeed]

Thanks for the great story. JC Penney was the main store of millionaires in the 1990’s. Not any more. The lack of morality in ads is crushing its business. Sad.

[MagnoliaB]

I had a JCPenny credit card and shopped there frequently until they started pushing their homosexual agenda especially in their flyers that would be in our local papers. Doesn’t fly in the Bible Belt. I haven’t shopped their since. I don’t know why these merchants don’t just sell their products and keep their mouths shut on the controversial social issues.