Company To Finish Relocation by July
Dec. 23, 1987
DALLAS (AP) _ J.C. Penney Co. expects to complete its move from New York by July 1, several months ahead of schedule, the retailer said.
Chairman William Howell said Tuesday he expects about 60 percent of Penney's 2,200 top managers and a smaller percentage of the 1,600 New York- based non-managers to move when headquarters shift to the Dallas suburb of Plano.
''Some will come with some hesitations,'' he said, speaking in the company's new offices in North Dallas. ''Some can't wait to get here.''
Howell said 93 percent of the more than 150 top managers have accepted Dallas assignments and some have already moved. Next month, the company will begin making transfer assignments to other employees, who have 60 days to accept or reject the offer.
In recent years Penney's has moved its financial services, consumer credit and insurance offices to Dallas. The company announced the relocation of its headquarters in April.
The move is expected to cost $140 million, which will be charged against 1987 earnings.
For the quarter ended Oct. 31, the company had net income of $171 million, a 47.6 percent increase over the same 1986 quarter, on sales of $3.76 billion.