J.C. Penney announced today
that it plans to close 33 stores and cut 2,000 jobs. The retailer says store closings and job cuts will save it $65 million annually starting this year. The stores, described as underperforming, will be closed over the next several months.
Myron E. (Mike) Ullman, III, chief executive officer of JCPenney, said in a statement, "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. While it's always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success."
J.C. Penney provided a list of the stores that will be closing in a PDF File
. Wisconsin is the state with the most closings with five. Three stores are closing in Pennsylvania.
that J.C. Penney shares slid over 1% in after-hours trading following the announcement.
Image: J.C. Penney