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.
