Home / Business / JC Penney closes another 152 stores and reduces 1,000 jobs

JC Penney closes another 152 stores and reduces 1,000 jobs



JC Penney says it will close another 152 stores and cut 1,000 jobs as it seeks to fight bankruptcy protection.

The company last month said it had identified 154 stores for closure in the first phase of a restructuring where it will become a smaller operator.

The retailer said on Wednesday that the jobs to be eliminated will include companies, field management and international positions.

ticker security Last Change Change %
JCP na na na na

Penney filed for bankruptcy in May. It had fought before the coronavirus pandemic, but like many retailers, the virus outbreak exacerbated their difficulties. Other retailers filing for bankruptcy recently include J. Crew, Neiman Marcus, Brooks Brothers and Sur La Table.

HYUNDAI INSTALLS 272K US CARS

As part of its reorganization of bankruptcy, Penney has said it plans to close nearly a third of its 846 stores over the next two years. That would leave it with just over 600 seats.

GET FOX COMPANIES TO CLICK HERE


Source link