NEW YORK — Department store chain J.C. Penney says it has cut more than 300 jobs and reported disappointing sales at established stores for the quarter that includes the holiday season. It also delivered a muted outlook, and its shares fell 6 percent.
The news Friday overshadowed strong profits as investors worried about Penney's ability to remake itself in a changing retail market — especially after the good economy contributed to stronger results at chains such as Macy's and Kohl's.
J.C. Penney eliminated 130 positions across all departments at its Plano, Texas, headquarters, and said restructuring regional, district and store support teams to eliminate bureaucracy led to 230 job cuts. It estimated the cuts will save it $20 million to $25 million a year. It also made changes to its executive team.
J.C. Penney has stores in Davenport and Moline.