J.C. Penney to cut 1,000 jobs, close 152 stores

Credit: REUTERS/SUZANNE BARLYN

July 15 (Reuters) - J.C. Penney Co Inc said on Wednesday it would cut about 1,000 jobs and shutter 152 stores as the U.S. department store chain looks to focus on profitability.

The company said the organizational restructuring would help it emerge from both Chapter 11 and the COVID-19 crisis stronger.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Ramakrishnan M.)

((Praveen.Paramasivam@thomsonreuters.com; within U.S. +1 646 223 8780 (Extn. 3478), outside U.S. +91 80 6182 3478;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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