J.C. Penney to Cut 2,000 Jobs, Close 33 Stores

INDIANA, (WOWO): Department-store operator J.C. Penney said Wednesday it will cut 2,000 jobs and close 33 stores as it tries to turn around results. The only store in the Chicago area designated to close is the one at Stratford Square mall in Bloomingdale, however, according to the Indianapolis Star, of the 30 stores located in Indiana, two will be closed — one in Marion, the other in Warsaw.

The news comes after J.C. Penney earlier this month said it was pleased with holiday results but declined to give sales figures. A strong November and December is crucial to retailers since it can account for up to 40 percent of annual sales.

The cuts should save more than $65 million annually. The company will take $26 million in charges in the third quarter and $17 million afterward. Penney has 116,000 staffers. All the job cuts are related to the store closings.

Penney is trying to recover from a sales spiral that occurred under former CEO Ron Johnson. The company brought back former CEO Mike Ullman in April.