JCPenney to cut 2,000 jobs, close 33 stores
JCPenney announces it will cut about 2,000 jobs and close 33 stores in 19 states including three stores in Pennsylvania. The cuts are expected to save about $65 million beginning this year. The apparel and home furnishing giant made the announcement late Wednesday. The company says closing the 33 under-performing stores is part of its turnaround efforts. It has about 1,100 stores remaining.
JCPenney says affected workers who do not remain with the company will receive separation benefits packages. The Pennsylvania stores in Exton, at the Exton Square Mall, Laurel Mall in Hazleton and the Washington Mall in Washington Borough.
JCPenney stock closed down 2 cents today at $6.99 a share.