J.C. Penney to cut 2,000 jobs, close 33 stores
January 15, 2014 (WPVI) -- Struggling department-store operator J.C. Penney announced it will cut 2,000 jobs and close 33 underperforming stores as it tries to get back on the path to profitability.
The news comes after J.C. Penney earlier this month said it was pleased with holiday results but declined to give sales figures. A strong November and December is crucial to retailers since it can account for up to 40 percent of annual sales.
The cuts should save more than $65 million annually. The company will take $26 million in charges in the third quarter and $17 million afterward. Penney has 116,000 staffers. All the job cuts are related to the store closings.
Penney is trying to recover from a sales spiral that occurred under former CEO Ron Johnson. The company brought back former CEO Mike Ullman in April.
Here's a list of the stores which will be closed by early May:
Selma Mall in Selma, Ala.
Arrow Plaza in Rancho Cucamonga, Calif.
Chapel Hills Mall in Colorado Springs, Colo.
Meriden Square in Meriden, Conn.
Lake Square Mall in Leesburg, Fla.
Gulf View Square in Port Richey, Fla.
Muscatine Mall in Muscatine, Iowa
Stratford Square Mall in Bloomingdale, Ill.
Hickory Point Mall in Forsyth, Ill.
Five Points Mall in Marion, Ind.
Marketplace Shopping Center in Warsaw, Ind.
The Centre at Salisbury in Salisbury, Md.
Westwood Plaza in Marquette, Mich.
Northland Mall in Worthington, Minn.
Singing River Mall in Gautier, Miss.
Natchez Mall in Natchez, Miss.
Butte Plaza Shopping Center in Butte, Mont.
Cut Bank, Mont.
Vernon Park Mall in Kinston, N.C.
Burlington Center in Burlington, N.J.
Phillipsburg Mall in Phillipsburg, N.J.
Wayne Towne Plaza in Wooster, Ohio
Exton Square Mall in Exton, Pa.
Laurel Mall in Hazleton, Pa.
Washington Mall in Washington, Pa.
Northgate Mall in Chattanooga, Tenn.
Bristol Mall in Bristol, Va.
Military Circle Mall in Norfolk, Va.
Forest Mall in Fond Du Lac, Wis.
Janesville Mall in Janesville, Wis.
Lincoln Plaza Center in Rhinelander, Wis.
Cedar Mall in Rice Lake, Wis.
Wausau Mall in Wausau, Wis.
jc penney, national/world
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