From Home Furnishing Business
JCP to Shutter 33 Stores, Layoff 2,000
The bad news continues at J.C. Penney. The ailing retailer announced Wednesday that it was cutting 2,000 jobs and closing 33 "underperforming" stores in an effort to rein in expenses.
The store closings are likely to be complete by early May. J.C. Penney said it expected the moves to generate $65 million in annual cost savings.
"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 CEO Mike Ullman said in a statement.
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Source: CNN Money