JC Penney cuts employee hours after 'expense challenge': NY Post [View all]

[Eugene]

Source: Reuters

World | Fri May 6, 2016 8:37am EDT

JC Penney cuts employee hours after 'expense challenge': NY Post

Department store operator J.C. Penney Co Inc faced "an expense challenge" in April and in response cut payroll, froze overtime for its employees and took other cost-cutting measures, the New York Post reported, citing an internal memo.

The company's shares were down 8 percent at $8.23 in premarket trading, set to open at their lowest level in more than 2 months.

"We have an expense challenge for the month of April and are asking all stores to do their fair share by closely monitoring all expenses," the memo said, the newspaper reported late on Thursday. (nyp.st/1TqFAbA)

Both full- and part-time employees had their hours reduced, with those working 25 hours a week typically getting their shifts cut to 10 or 15 hours, the report said.

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Read more: http://www.reuters.com/article/us-jc-penney-costs-idUSKCN0XX16Q