JC Penney Fires 2,200 as Retailer's Woes Continue: Report
Department store J.C. Penney laid off about 2,200 employees in its stores and district offices on Wednesday, according to a report from The Dallas Morning News.
These cuts follow another 19,000 employees that have been laid off in the past year since the company began its transformation with Chief Executive Ron Johnson at the helm.
(Read More: JC Penney Board Can't Be 'Delusional': Ex-CEO)
In the first full year of the turnaround, sales at the retailer dropped sharply as consumers failed to warm up to Johnson's initial plan to adopt everyday-low prices and shops within stores.
On Wednesday, analysts at both Citigroup and Oppenheimer downgraded the retailer's shares and cut their price targets as they grew less optimistic about the company's turnaround in the near term.
