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JCPenney: chief merchant position eliminated; shares rise.

( - Shares of JCPenney are inching higher on Monday after the US retailer announced last weekend an organizational restructuring within its merchandise buying teams, with the position of chief merchant being eliminated.

This means that John Tighe will be leaving the company to pursue opportunities elsewhere.

The troubled department store chain said the simplified structure is intended to offer greater flexibility, to ensure assortment remains fresh amid a constantly changing retail environment.

JCPenney shares were trading 2.5% higher at over 2.4 euros in early morning trading after hitting all-time lows last Friday.

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