J.C. Penney Closing 33 Stores; Laying Off 2,000 - KMPH FOX 26 | Central San Joaquin Valley News Source

J.C. Penney Closing 33 Stores; Laying Off 2,000

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J.C. Penney will close 33 stores and lay off about 2,000 employees, the retailer said Wednesday.

"These actions are expected to result in an annual cost savings of approximately $65 million, beginning in 2014," the company says in a press release issued after the close of the stock market.

CEO Myron E. Ullman said in the release: "While it's always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success."

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