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J.C. Penney to Cut 300 Jobs : J.C. Penney Co. said it is restructuring its data processing operation and as a result will eliminate 300 jobs. Penney said the consolidation of its four major data centers into a single center in Dallas will save the firm $11 million, or 10 cents a share, a year, starting in the year ending in January, 1995. The four centers to be closed are in Columbus, Ohio; Lenexa, Kan.; Reno, and Dallas. Penney hasn’t determined the cost of laying off employees at the four data centers but added that 140 jobs will be created at the new Dallas operation.