J.C. Penney to close 33 stores, no Inland NW stores on list

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by KREM.com

KREM.com

Posted on January 15, 2014 at 4:51 PM

Updated Thursday, Jan 16 at 3:11 AM

NEW YORK-- Department-store operator J.C. Penney says it will cut 2,000 jobs and close 33 stores as it tries to turn around results.
 

READ: Complete list of stores to be closed


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.

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