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J.C. Penney Cuts 1,000 Jobs, Begins Talks With Potential Buyers

JC-Penney-Aventura-Florida

According to reports, J.C. Penney now has until July 31 to submit a formal business plan to its creditors that will guide the company's future. Pictured here is one of the retailer's stores in Aventura, Florida.

PLANO, TEXAS — J.C. Penney Co. announced on Wednesday that it would reduce its workforce by approximately 1,000 corporate, field management and international positions as part of its store optimization and restructuring plan. The Plano-based retailer, which employs about 90,000 people worldwide, filed for Chapter 11 bankruptcy in May and announced plans to close about 150 stores two weeks later. According to CNBC, J.C. Penney has reached an agreement with its creditors to extend submission of its new business plan and identify potential investors in the business. The network reports that mall developers Simon Property Group and Brookfield Properties are both in talks to buy the 118-year-old retailer, as are Sycamore Partners and Authentic Brands, the respective parent companies of department stores Belk and Barneys.

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