J.C. Penney to shutter 33 stores, lay off 2,000 workers

By Kyle Johnson,

J.C. Penney announced on Wednesday that the retailer will be closing stores and laying off workers in order to save money and increase profitability, following in Macy's footsteps.

J.C. Penney will be closing 33 stores and trimming 2,000 employees from its workforce, reports USA Today. The stores will be closed by May.

The retailer believes that the closures and layoffs will help the company save nearly $65 million a year and will up the profitability of J.C. Penney stores.

According to The New York Times, the stores that will be shuttered were determined to be "underperforming." The company will still be adding one store in Brooklyn, N.Y. later this year.

CEO Myron E. Ullman III, who recently returned as the retailer struggles, said in a statement, "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 company.

Macy's previusly announced that though it did have good holiday numbers, it would be cutting 2,500 employees from its workforce, but only five stores - spread across five states - would end up closing.

image: Wikimedia Commons

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