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

[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

[Human101948]

1. I know where they can get the money!

2015 Key Executive Compensation JC $39,179,916


Split between 8 execs

[scscholar]

2. Exactly, and 39M/105k is...

They could give each employee an extra 18 cents per hour if they fired him and refused to honor his contract.

[Human101948]

4. Well, the execs certainly aren't worth the money they are being paid...

because they keep losing money. And then they expect the low level employees to make it up.

It's only a matter of time before they bankrupt the company.

It's like Eddie Lampert is sucking Sears dry, extracting fees for himself. But he doesn't care if it goes belly up because the real estate holdings will make him ever more wealthy when it goes under.

A decade after merging the ailing Kmart and Sears, Roebuck chains into a retail holding company, billionaire hedge fund operator Lampert has presided over the transformation of two once-great industry names into shells of their former self, stripping virtually everything of value from the company.

Even the recent move to form a real estate investment trust, which finally -- finally! -- seeks to monetize the portfolio of properties Sears owns, it's being done in such a way that investors will likely see little benefit.

http://www.fool.com/investing/general/2015/05/20/why-sears-so-investors-should-lovehate-eddie-lampe.aspx

[CurtEastPoint]

3. THAT is outrageous.

[OnlinePoker]

5. Here's the executive compensation from 2011 to now

You can click on each exec and see recent transactions they've done with the stock as well.

http://insiders.morningstar.com/trading/executive-compensation.action?t=JCP