J.C. Penney Cuts 2,000 Jobs and Closes 33 Stores
J.C. Penney Company, one of the oldest retailers in the States, announced on Wednesday that it will be closing 33 stores and cutting 2,000 jobs. The decision will supposedly save Penney $64 million a year. The company has been through several changes in the last few years, including firing Chief Executive Ron Johnson in exchange for his predecessor, Myron E. Ullman III. However, the revival of old strategies only ended up losing the company core consumers. Many industry experts are saying that the job shedding won't have much effect on the company because its performance is so low. When asked about the company's overall holiday performance, Penney released a statement saying they were "pleased" and little else.
By Jordan Moses
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