Big Changes at JCPenney's New Parent Company

Catalyst Brands is making some tough decisions. The company, which is the new owner of JCPenney, is cutting 9% of its corporate jobs. This is the second round of layoffs in just a few months. So, what's going on? Catalyst Brands is in the middle of a big review. They're looking at all parts of the business to find ways to make it more efficient. This means some roles are being cut. It's a tough move, but the company says it's necessary to better serve customers and offer great value. Before these layoffs, there were about 5, 000 corporate employees. Now, with two rounds of cuts, that number is shrinking. The first round in February saw 5% of jobs go. This time, it's 9% more. Catalyst Brands is a new company. It was formed in January as a joint venture between JCPenney and Sparc Group. Sparc Group owns several well-known brands like Brooks Brothers and Eddie Bauer. The new company started with a lot of promise: $9 billion in revenue, 1, 800 stores, and 60, 000 employees. But now, it's facing challenges. The layoffs are a sign that the company is trying to adapt. It's a tough time for retail, and companies are having to make tough calls. JCPenney's CEO, Marc Rosen, is leading the charge at Catalyst Brands. The company is based in Plano, Texas, where JCPenney's offices are located. It's a critical time for the company. The layoffs are a big deal, but they're part of a larger plan. The company is trying to position itself for the future. It's a tough road, but Catalyst Brands is trying to find its way.