JC Penny’s has fallen under the categories of mall stores that are struggling to keep their doors open. The Department store had to cut payroll, freeze overtime and cut various other cost measures in response to an “expense challenge” that occurred in April.
With the cut in employee hours, they store was able to save the company about $8,000 per store. Their stock prices have dropped 15% since the beginning of April and it isn’t the first time that the store had to take drastic measures to stay afloat.
It’s a challenging time for department store like this. Along with JCPenney, Aeropostle had to file to bankruptcy on Wednesday and has plans to close more than 150 stores in the U.S. and Canada.
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