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HomeretailJCPenney closing 33 stores, slashing 2,000 jobs

JCPenney closing 33 stores, slashing 2,000 jobs

Struggling department store J.C. Penney on Wednesday said it will close 33 underperforming stores and slash 2,000 jobs, in a measure it says will generate annual savings of approximately $65 million.

Penney shares fell 0.9% to $6.95 in after-hours trading. (What's the stock doing now? Click here)

"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," CEO Myron Ullman said in a news release.

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