JCPenney Plans To Close 33 Stores, Cut 2,000 Jobs
The move could help the struggling retail giant save $65 million a year.By Candice Aviles | January 15, 2014
JCPenney is making moves to stay afloat after the company's sales have been in a downward spiral. Wednesday, the department store announced its plan to close 33 stores and eliminate 2,000 jobs by May.
The move could help the retail giant save $65 million a year. The list of closing stores spans almost 20 states, and most of them are in small cities in regional malls. (Via JCPenney)
The change comes as Chief Executive Mike Ullman works to strengthen the chain, which, according to Bloomberg, has gone nine straight quarters without a profit. Analysts project the company could post a $207 million loss for the current quarter. (Via WBOC)