J.C. Penney To Cut 2,000 Jobs And Close 33 Stores, But None In Texas
Plano-based J.C. Penney will lay off 2,000 workers and close 33 stores to save money. No Texas stores are included, but 20 states are affected.
The retail giant hopes to save about $65 million beginning this year. Meanwhile, closing costs, which include benefits to laid-off workers and other expenses, add up to $43 million, according to its statement.
The worst hit state is Wisconsin, where five Penney stores will close. Stores will sell their inventory over the next several months, then close completely, probably in May.
Penney still plans to open a store in Brooklyn, N.Y., later this year.