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J.C. Penney (JCP) Stock Falls After Cutting Headquarters Staff

NEW YORK (TheStreet) -- Shares of J.C. Penney (JCP - Get Report) are down by 5.51% to $9.43 in early afternoon trading on Friday, after the retail company announced plans to cut 9% of its headquarter workforce.

Newly-appointed CEO Marvin Ellison has engaged in cost-cutting initiatives since becoming CEO in August, after 12-years at Home Depot (HDP) where he ascended to the position of executive vice president of stores.

The job cuts at J.C. Penney's Plano, TX headquarters comes weeks after the company announced that it was reducing $5 billion in pension obligation by between 25% and 35%, in a move that could affect up to 43,000 retirees and their beneficiaries.

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"Over the last several months, the company has been evaluating its home office structure to identify opportunities for greater simplification and higher productivity," company spokesman Joey Thomas said in statement. "As the company continues to make progress on its strategic...