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Fashion News

J.C. Penney Cuts Thousands Of Jobs

(Reuters) - J.C. Penney Co Inc said it has recently laid off about 2,200 employees at 100 of its stores and district offices, the latest move by the struggling department store operator to contain costs as it contends with deep sales declines.

Penney last week reported sales had fallen 25 percent in the first year of Chief Executive Ron Johnson's strategy of refashioning Penney stores into collections of branded boutiques and getting rid of hundreds of sales events and coupons.

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