This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-25754785

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
Retailer JC Penney to cut 2,000 jobs and close 33 stores Retailers JC Penney and Sears to cut thousands of jobs
(about 1 hour later)
US retailer JC Penney said it plans to cut 2,000 jobs and close 33 stores as part of a cost-cutting exercise aimed at restoring profitability.US retailer JC Penney said it plans to cut 2,000 jobs and close 33 stores as part of a cost-cutting exercise aimed at restoring profitability.
The money-losing department store chain hopes to save $65m (£40m) a year through the restructuring, which is expected to be completed by May.The money-losing department store chain hopes to save $65m (£40m) a year through the restructuring, which is expected to be completed by May.
Meanwhile, Sears is cutting more than 1,600 jobs in Canada and outsourcing some work.
The news comes just days after Sears reported a 7.4% falls in group sales.
JC Penney has not posted a profit for years, and is forecast by analysts to lose over $200m in the current quarter.JC Penney has not posted a profit for years, and is forecast by analysts to lose over $200m in the current quarter.
The stock fell by more than 1% in after-market US trading on Wednesday.The stock fell by more than 1% in after-market US trading on Wednesday.
JC Penney chief executive Mike Ullman called the decision "difficult".JC Penney chief executive Mike Ullman called the decision "difficult".
"As we continue to progress toward long-term profitable growth, it is necessary to re-examine the financial performance of our store portfolio and adjust our national footprint accordingly," he said in a statement."As we continue to progress toward long-term profitable growth, it is necessary to re-examine the financial performance of our store portfolio and adjust our national footprint accordingly," he said in a statement.
"This important step addresses a strategic priority to improve the profitability of our stores and position JC Penney for future success.""This important step addresses a strategic priority to improve the profitability of our stores and position JC Penney for future success."
Retail therapyRetail therapy
Mr Ullman is also trying to revive JC Penney's fortunes by restoring popular private-label brands and reinstating some sales commissions.Mr Ullman is also trying to revive JC Penney's fortunes by restoring popular private-label brands and reinstating some sales commissions.
The planned job cuts account for about 2% of the Texas-based company's workforce.The planned job cuts account for about 2% of the Texas-based company's workforce.
Many of the store closings will be at regional malls in Midwestern states such as Minnesota.Many of the store closings will be at regional malls in Midwestern states such as Minnesota.
It has been a challenging time for US retailers, some of which have cut profit forecasts as restrained consumer spending impacted sales.It has been a challenging time for US retailers, some of which have cut profit forecasts as restrained consumer spending impacted sales.
JC Penney's announcement follows a similar move by rival Macy's, which said earlier this month that it plans to cut 2,500 jobs and shutter five stores.JC Penney's announcement follows a similar move by rival Macy's, which said earlier this month that it plans to cut 2,500 jobs and shutter five stores.