J.C. Penney To Shed 33 Stores, Cut 2,000 Jobs
J.C. Penney Co Inc said on Wednesday it will close 33 underperforming stores and cut 2,000 jobs as part of its turnaround. The closings will generate cost savings of $65 million per year, beginning in 2014. Penney expects estimated pretax charges of about $26 million in the current quarter. The struggling department store chain operates about 1,100 stores in the United States and had 116,000 employees as of Feb. 2, 2013.
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