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

Posted: January 16, 2014 in Uncategorized

CBS DC

NEW YORK — Struggling department-store operator J.C. Penney announced it will cut 2,000 jobs and close 33 stores — including two in Virginia and one in Maryland — as it tries to get back on the path to profitability.

The news raises concerns that Penney’s holiday season sales were not what the company hoped for and that the chain needs to do even more to recover from a turnaround plan that has had disastrous results.

J.C. Penney Co., based in Plano, Texas, said earlier this month said it was pleased with its holiday results but declined to give sales figures, raising worries among Wall Street analysts about how the season actually fared.

“It was a season where they realized that they had to do more to reconnect with the customers they’ve lost,” said Brian Sozzi, CEO and chief equities strategist at Belus Capital Advisors.

The cuts announced Wednesday should save…

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