February 27, 2021

PR Headline News

Top Stories Without The Fluff

JC Penney will cut about 1,000 jobs


JC Penney announced Wednesday that it will cut about 1,000 jobs in its effort to emerge from bankruptcy.

The department store chain said last month that it had identified some 150 branches to close in the first stage of a restructuring to become a minor operator.

The jobs to be eliminated are in the corporate areas, local management and international positions.

JC Penney filed for bankruptcy protection in May. It had been in trouble for some time, but its situation, like that of other retailers, worsened with the pandemic. Other retailers that have recently filed for bankruptcy include J. Crew, Neiman Marcus, Brooks Brothers and Sur La Table.

JC Penney said it plans to permanently close nearly a third of its 846 branches in the next two years. It would have just over 600 stores left.



Source link