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JCPenney Taking Emergency Cost-Cutting Measures

JCPenney, which recently entered the major appliance business, has temporarily slashed employee hours and banned markdowns in an effort to boost its bottom line after an unexpectedly soft April.

“JCPenney, faced with unexpected light sales in mid-April, slashed payroll, froze overtime and took other drastic cost-cutting steps in an attempt to protect its bottom line, The Post has learned. As the end of its first fiscal quarter approached, the mid-priced department store told store managers to take the emergency measures because the chain faced “an expense challenge,” according to an internal memo obtained by The Post.”

Read More at NY Post