July 31, 2021

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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.

Jobs to be cut are in corporate areas, local management and international positions.

JC Penney filed for bankruptcy protection in May. It had been in difficulties for a long time, but its situation, like that of other retailers, was aggravated by the pandemic. Other retailers who have recently filed for bankruptcy include J. Crew, Neiman Marcus, Brooks Brothers and Sur La Table.

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

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