On Wednesday J. C. Penney Company stated it will close 33 stores across the country and slice 2,000 jobs, which is expected to save the retailer $65 million dollars.
“As we continue to progress toward long-term profitable growth, it is necessary to re-examine the financial performance of our store portfolio and adjust our national footprint accordingly,” stated CEO Myron E. Ullman III 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 profitability of our stores and position J. C. Penney for future success.”
A week ago Macy's announced plans to close five stores and layoff 2,500 workers.
“The actions being announced today reinforce our focus on continuous improvement in our M.O.M. strategies (My Macy’s localization, Omnichannel integration and Magic Selling customer engagement) and will help us to maximize the impact of the exceptional talent we enjoy at every level of our organization,” stated said Terry J. Lundgren, Macy’s chairman, president and chief executive officer, in a statement.