Can Mass Layoffs Keep J.C. Penney Afloat?

When Ron Johnson left Apple (NASDAQ:AAPL) and took on the mantle of chief executive officer at J.C. Penney (NYSE:JPM) in November 2011, his leadership was expected to launch a rebirth of the department-store chain.

A little more than 15  months have passed, and, thanks to disastrous financial results, J.C. Penney’s is facing is an erosion of confidence in its CEO among investors, Wall Street analysts, and some members of the board. In this week alone, the company is facing its ongoing trial with Macy’s (NYSE:M) over the use of Martha Stewart Living Omnimedia (NYSE:MSO) products, downgrades to from Oppenheimer and Citigroup, a decision from Vornado Realty Trust to unload its 10-million-share stake in the company, and rumors that the board will replace Johnson or attempt to sell the retailer unless he can pull sales out of their nosedive.

But the only move that J.C. Penney has made this week has been to layoff 2,200 employees. A company spokesperson informed The Dallas Morning News Thursday that the cuts were made at stores that showed the sharpest sales declines last year. Since Johnson took over as CEO, more than 19,000 of the retailers workers have lost their jobs as he employes whatever methods he can to trim costs.