J.C. Penney to shed 33 stores, cut 2000 jobs as part of turnaround
Published on Jan 16, 2014 6:00 AM
NEW YORK (REUTERS) - 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 US$65 million (S$82 million) per year, beginning in 2014. Penney expects estimated pretax charges of about US$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.