PVH

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

Credit: REUTERS/SUZANNE BARLYN

Adds details on layoffs, background on bankruptcy protection

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 emerge from Chapter 11 protection and the COVID-19 crisis.

The layoffs would impact corporate, field management, and international roles and eligible departing employees would receive a severance package. The company is also in talks with its landlords regarding store closures.

Penney filed for bankruptcy protection in May, with plans to explore a possible sale, joining a spate of brick-and-mortar retailers to crumble under the pressure brought on by the COVID-19 pandemic.

On Tuesday, Calvin Klein owner PVH Corp PVH.N also announced a reduction in the number of office employees.

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

((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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