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J.C. Penney cuts 33 stores, 2000 jobs

Photo by Flickr user Holiday Gift Nation

J.C. Penney announced store closures and job cuts as part of an effort to turnaround the company. Photo by Flickr user Holiday Gift Nation

J.C. Penney announced Wednesday it will close 33 underperforming stores and cut 2,000 jobs as part of a cost-saving measure. The move aims to help the U.S. retail chain, which has posted nine straight quarterly net losses, $65 million per year.

“As we continue to progress toward long-term profitable growth, it is necessary to re-examine the financial performance of our store portfolio and adjust our national footprint accordingly,” Chief Executive Officer Myron Ullman said in a statement.

J.C. Penney operates around 1,100 stores in the U.S. and employed 116,000 as of February 2013.

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