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New York (CNN) — JCPenney’s fledgling parent company, Catalyst Brands, is undergoing the second round of layoffs of its corporate employees as part of an ongoing review of the newly formed business.
Catalyst said in a statement on Wednesday that it’s in the “early stages of our integration” and that following a review of the organization spanning all business units, “we have identified areas where we can optimize our structure and roles” affecting 9% of its corporate roles.
“While these are difficult choices, we are confident they will ultimately position us to better serve our customers and deliver on our mission to give them high quality products at exceptional value for every moment in life,” a Catalyst spokesperson said in statement to CNN.
Wednesday’s cuts are in addition to the 5% the company enacted in February. Prior to both rounds of layoffs, Catalyst had about 5,000 corporate employees.
Catalyst, which was formed in January, is a joint venture between the once-bankrupt JCPenney and Sparc Group, the owner of Brooks Brothers, Lucky Brand, Eddie Bauer, Nautica and Aeropostale.
The all-equity transaction to form Catalyst launched with $9 billion in revenue, 1,800 stores and 60,000 employees, according to a press release. JCPenney CEO Marc Rosen is leading the new company, which is headquartered at the department store’s offices in Plano, Texas.
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