Ron Johnson Shoots Down All The Rumors Of Mass Layoffs At JCPenney ... Well, Sort Of

JCPenney CEO Ron Johnson addressed the rumors that have been circulating about mass layoffs at the retailer.

Well, sort of.

"There is a rumor a day about JCPenney about layoffs or something," acknowledged Johnson.

It's true. Rumors are constantly circulating around JCPenney headquarters and its stores across America. They've essentially become part of the culture at JCPenney, according to executives we're talked to.

Johnson didn't totally quash the rumors about job cuts.

"This idea that we have massive headcount reductions on the way is really rumors," said Johnson. "This is much more rumor than it is fact."

So, what's true and what's not?

He didn't say anything about what to expect with layoffs going forward.