Department-store operator J.C. Penney says it will cut 2,000 jobs and close 33 stores as it tries to turn around results.
The news comes after J.C. Penney earlier this month said it was pleased with holiday results but declined to give sales figures. A strong November and December is crucial to retailers since it can account for up to 40 percent of annual sales.
The cuts should save more than $65 million annually. The company will take $26 million in charges in the third quarter and $17 million afterward. Penney has 116,000 staffers. All the job cuts are related to the store closings.
Penney is trying to recover from a sales spiral that occurred under former CEO Ron Johnson. The company brought back former CEO Mike Ullman in April.
Original headline: J.C. Penney to cut 2,000 jobs, close 33 stores
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- Pope Francis, Huge Crowd Joyously Celebrate Easter
- Automakers Turn to China to Fuel Sales Growth
- GM Boosting China Production Capacity
- GOP Making Bold Play for Oregon Senate Seat
- Delay in Ferry Evacuation Puzzles Maritime Experts
- Confusion, Anger as Sunken Ferry's Relatives Wait
- Report: Iran VP Says Row Over Reactor Resolved
- NASA's Space Station Robonaut Finally Getting Legs
- Putin: No Blocks to Boosting Relations With West