JCPenney Cuts 360 Jobs, Ramps Up Sephora Presence In Stores

JCPenney is cutting another 360 jobs, including 130 positions from its corporate office in Plano, Texas and another 230 from its group, regional and support teams in stores. The cuts are part of the department store’s restructuring, and come less than a month after the company announced it would lay off 670 employees when its Wisconsin distribution center shuts down July 1.

The announcement coincided with the company’s Q4 earnings results, which saw revenue rise 1.8% year-over-year to $4.03 billion, and comparable sales rise 2.6%. Net income was $254 million, or $0.81 EPS, helped in part by a $75 million tax benefit. However, the retailer posted a loss of $0.37 cents per share for the full year, due mainly to restructuring charges from its 138 store closures.

Despite the holiday season giving a much-needed Q4 boost, Wall Streetwasn’t impressed. Shares of JCPenney plunged nearly 10% in…