Struggling department-store operator J.C. Penney announced it will cut 2,000 jobs and close 33 stores as it tries to get back on the path to profitability.
The news raised concerns that Penney's holiday season sales were not what the company hoped for. Penney Co. said earlier this month it was pleased with its holiday results, but declined to give sales figures.
The layoffs should save more than $65 million annually. The company will take $26 million in pretax charges in the third quarter and $17 million in future quarters. Penney has 116,000 staffers and operates more than 1,100 stores. All the job cuts are related to the store closings.
