J. C. Penney Closing 33 Stores, Cutting 2000 Jobs
Today (January 15) one of the nations oldest retailers J.C. Penney, announced the closure of 33 stores across the country due to underperforming. 2000 jobs will be cut in the process.
According to a statements released by the retail giant, the closure will save the company approximately $65 million. Remaining inventory will be sold until the final closures happen in May.
J. C. Penney has went through some considerable changes over the past couple of years. Former chief executive, Ron Johnson, was fired, and his predecessor, Myron E. Ullman III, was brought back with the hope of gaining back their core customers. The new retail strategy alienated core customers and stocks in the company plummeted.
J.C. Penney has more than 1,100 stores in the U.S., and though Lake Charles is safe from the list, there are some places who aren’t. Get the full list here: