J.C. Penney to Close 33 Stores and Cut 2,000 Jobs
Posted on January 15, 2014J.C. Penney announced today that it plans to close 33 stores and cut 2,000 jobs. The retailer says store closings and job cuts will save it $65 million annually starting this year. The stores, described as underperforming, will be closed over the next several months.
Myron E. (Mike) Ullman, III, chief executive officer of JCPenney, said in a statement, "As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly. While it's always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success."
J.C. Penney provided a list of the stores that will be closing in a PDF File. Wisconsin is the state with the most closings with five. Three stores are closing in Pennsylvania.
CNN/Money reports that J.C. Penney shares slid over 1% in after-hours trading following the announcement.