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J.C. Penney cuts 9 percent of headquarters workforce

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

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.

"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.

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.