JCPenney To Shutter 33 Stores, Cut 2,000 Jobs To Stem Losses

Earns JC Penney
AP



NEW YORK - J.C. Penney Co Inc said on Wednesday it would close 33 stores and cut 2,000 jobs as part of its efforts to return to profitability.

Chief Executive Myron Ullman said in a statement the action "addresses a strategic priority to improve the profitability of our stores."

Penney is the second major U.S. retailer in as many weeks to announce layoffs. Last week, Macy's Inc said it was eliminating 2,500 jobs. Those cuts will be offset over time as the retailer plans to add positions to its online business, leaving overall staffing levels unchanged at around 175,000.