JCPenney Operator to Cut 5% of Corporate Staff (Correct)

Catalyst Brands, the newly-formed organization behind retailers including JCPenney, Nautica and Brooks Brothers, is cutting its corporate workforce by about 5% to simplify the company’s structure.

Catalyst, which is headquartered in Plano, Texas, is eliminating about 250 of its roughly 5,000 corporate staff across all functions, a spokesperson told Bloomberg News.

The new company was announced earlier this year through a merger of JCPenney and SPARC Group, which owns retail chains such as Aéropostale, Eddie Bauer and Lucky Brand. The company started with more than $9 billion in annual revenue and 1,800 store locations.

The move is “essential ...