Jul 28, 2014
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J.C. Penney Closing Stores, Cutting Jobs

The moves are expected to save the company $65 million a year.

J.C. Penney Closing Stores, Cutting Jobs
J.C. Penney announced Wednesday that it is closing 33 "underperforming" stores and cutting 2,000 jobs as part of its turnaround efforts.

Click here for the full list of store closings. 

The closures and job cuts are expected to save the company about $65 million a year.

Remaining inventory in the affected stores will be sold over the next several months, with final closings expected to be complete by early May. The company is still moving forward with plans to open a new store location later this year in Brooklyn, NY.

"As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly," Myron E. (Mike) Ullman, III, chief executive officer of J.C. Penney said in a prepared statement. "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 J.C. Penney for future success."

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