J.C. Penney Cuts 350 More Jobs Finance, information technology, product development and sourcing departments were hit hardest by these latest cuts. By David Moin on July 10, 2012 Can a struggling J.C. Penney regain some ground in the coming weeks? This story first appeared in the July 11, 2012 issue of WWD. Subscribe Today. To continue reading this article... Subscribe Now Log In WWD logo This Article is Exclusive to Archive Subscribers To read the full article please contactWWD's Subscription Customer Service.