Enter your email address and start getting breaking law firm and legal news right now!
J.C. Penney to Close 33 Stores and Cut 2,000 Jobs
It was announced on Wednesday that J.C. Penney Co. will close 33 of its stores, cutting 2,000 jobs, according to The Wall Street Journal.
Earlier this winter, the store refused to releases its holiday sales information, but did say publicly that it was happy with the sales numbers from the holiday season.
Prior to the cuts, the company employed 116,000 staffers across more than 1,100 stores.
The announced cuts should save the company close to $65 million annually. The company is planning to take on $26 million in pretax charges for the third quarter. Then, the company will take on $17 million in future quarters.
The full list of stores being shuttered include the following:
|CA||Rancho Cucamonga||Arrow Plaza|
|CO||Colorado Springs||Chapel Hills Mall|
|FL||Leesburg||Lake Square Mall|
|FL||Port Richey||Gulf View Square|
|IL||Bloomingdale||Stratford Square Mall|
|IL||Forsyth||Hickory Point Mall|
|IN||Marion||Five Points Mall|
|IN||Warsaw||Marketplace Shopping Center|
|MD||Salisbury||The Centre at Salisbury|
|MS||Gautier||Singing River Mall|
|MT||Butte||Butte Plaza Shopping Center|
|NC||Kinston||Vernon Park Mall|
|OH||Wooster||Wayne Towne Plaza|
|PA||Exton||Exton Square Mall|
|VA||Norfolk||Military Circle Mall|
|WI||Fond Du Lac||Forest Mall|
|WI||Rhinelander||Lincoln Plaza Center|
|WI||Rice Lake||Cedar Mall|
J.C. Penney to Close 33 Stores and Cut 2,000 Jobs by Jim Vassallo