My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Starting a Business

JCPenney to Cut 2,000 Jobs, Close 33 Stores

1 min read
This story originally appeared on CNBC

Struggling department store J.C. Penney on Wednesday said it will close 33 underperforming stores and slash 2,000 jobs, in a measure it says will generate annual savings of approximately $65 million.

Penney shares fell 0.9 percent to $6.95 in after-hours trading.

"As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly," CEO Myron Ullman said in a news release.

The announcement comes one week after analysts expressed concerns to CNBC about the company's slow-coming turnaround. In its most recent sales update, issued last week, the company said it was "pleased with its performance for the holiday period, showing continued progress in its turnaround efforts."

But analysts likely wanted to hear more about those turnaround efforts--including the size of the same-store sales gain--and Penney shares sold off briskly.

(Click here to download a PDF of the complete list of store closures.)

More from Entrepreneur

Terry's digital marketing expertise can help you with campaign planning, execution and optimization and best practices for content marketing.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur