Retail

J.C. Penney cuts 9 percent of headquarters workforce

Pedestrians pass by a J.C. Penney sign in New York.
Scott Mlyn | CNBC

J.C. Penney has cut 300 jobs at its headquarters Thursday as it continues its restructuring efforts.

These cuts would eliminate nearly 9 percent of the jobs at the retailer's home office in Plano, Texas.

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"As the company continues to make progress on its strategic framework and implement new processes and efficiencies, it is imperative that we maintain a thoughtful approach to managing expenses while effectively supporting the needs of the business," said J.C. Penney spokesman Joey Thomas.

The cuts come as part of a larger initiative led by CEO Marvin Ellison to revamp the stores image and sales.

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Earlier this month, J.C. Penney announced that it was reducing $5 billion in pension obligation by 25 to 35 percent, a move that affected up to 43,000 retirees and their beneficiaries.

The apparel retailer was expected to close 40 stores this year but is also planning on rolling out a new in-store salon concept by 2016.

Shares of J.C. Penney were trading at $9.98 at Thursday's close. They have risen 54 percent year-to-date.