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J.C. Penney cutting 2,000 jobs, closing 33 stores

6:11 PM, Jan 15, 2014   |    comments
File photo of a JCPenney department store -Associted Press
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 PDF Document: JCP closings PDF

(AP) -- Department-store operator J.C. Penney says it will cut 2,000 jobs and close 33 stores as a part of their newly announced turnaround efforts. 

 

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 company projects the cuts will save more than $65 million annually, a release sent Wednesday said. J.C. Penney will take $26 million in charges in the third quarter, and $17 million afterward. 

SEE ALSO: Brandon J.C. Penney reopens after million dollar, holiday season fire

They say of their 116,000 staffers, all 2,000 job cuts will be directly 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.

Remaining inventory in the affected stores will be sold over the next several months, with final closings expected to be complete by early May.

While the majority of J.C. Penney locations in the greater Tampa Bay Area appear safe for now, one location inside Port Richey's Gulf View Square will be closing.

Click here for the full list of closing J.C. Penney locations 

(The Associated Press contributed to this story)

 

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