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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. (http://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.
The temporary cost-cutting also included restrictions on the use
of corporate credit cards, and markdowns were banned, the report
said.
J.C. Penney was not immediately available for comment.
The company has been working to turn around its business under
Chief Executive Marvin Ellison, who came on board in August last
year. It said in February it expects to report its first annual
profit in five years in 2016.
The company is scheduled to report first-quarter results on May
13.
(Reporting by Sruthi Ramakrishnan in Bengaluru,)
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