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J.C. Penney to Cut 1,000 Jobs and Close 152 Stores

The layoffs will also impact corporate-level employees as the company looks to emerge from Chapter 11 protection.
J.C. Penney store | Source: Shutterstock
By
  • Reuters

NEW YORK, United States — J.C. Penney Co Inc said on Wednesday it would cut about 1,000 jobs and shutter 152 stores as the US 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 also announced a reduction in the number of office employees.

By Praveen Paramasivam; Editors: Ramakrishnan M. Aditya Soni

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