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J.C. Penney to Eliminate Thousands of Jobs, N.Y. Post Says

Jan. 23 (Bloomberg) -- J.C. Penney Co., run by Apple Inc.’s former retail chief, will cut thousands of jobs as part of a plan to overhaul the company, the New York Post reported.

Chief Executive Officer Ron Johnson is eliminating positions that involve re-tagging merchandise and putting up temporary signs and displays, the Post said, citing people it didn’t name. The reductions will affect employees at almost all of J.C Penney’s 1,200 stores in the U.S.

The job cuts are part of a strategy to replace the company’s traditional sales and clearance events to offer everyday low prices, the newspaper said. J.C. Penney is holding an event on Jan. 25 to announce Johnson’s plans.

The Post said Johnson is being encouraged to cut jobs by J.C. Penney’s largest shareholders, William Ackman and Steve Roth.

Kate Coultas, a spokeswoman for J.C. Penney, didn’t return a phone call and e-mail seeking comment before business hours.

To contact the reporter on this story: Matt Townsend in New York at mtownsend9@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net

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