J.C. Penney's New Owners Cut 650 Jobs; Retailer Looks for Permanent Texas HQ

J.C. Penney has cut 650 jobs in stores, field operations and corporate, or about 1.5% of its workforce of more than 50,000. About 100 of those jobs were from Penney's Texas-based corporate staff of 3,500 people. The cuts were made last week and included the elimination of open positions. Employees were offered alternative positions when possible, Penney said.