1. LAYOFFS

    JCPenney to Cut 900 Jobs

    Scott Olson / Getty Images

    J.C. Penny has announced that it will cut 900 jobs, including 600 jobs from its corporate headquarters in Texas and 300 jobs when it shutters a call center in Pittsburgh. Executives said the number of calls the company receives has fallen more than 30 percent since the company launched a new pricing plan in February.  J.C. Penney aims to cut $900 million from its annual expenses by 2013. The move comes as the company is launching a redesign of its image under CEO Ron Johnson, who joined the company last year after overseeing Apple’s retail strategy.

    Read it at Reuters