J.C. Penney Closing 33 Stores, Laying Off 2,000

Source: USA Today

J.C. Penney will close 33 stores and lay off about 2,000 employees, the retailer said Wednesday.

“These actions are expected to result in an annual cost savings of approximately $65 million, beginning in 2014,” the company says in a press release issued after the close of the stock market.

CEO Myron E. Ullman said in the release: “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.”

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  • ken

    it is all J.C.Penney’s fault for treating customers the way they do.We always shopped Penney’s then we were treated bad .we dont care close all of your stores because we wont step inside another one ever.