JC Penney Plans to Close Down 40 stores and Cut 2,250 Jobs

Associated Press

J.C. Penney Co. (NYSE:JCP) will close about 40 stores this year and cut approximately 2,250 jobs, as it tries to recover from a disastrous attempt to reshape its brand.

Most of the stores, located in malls around the country, will close by April 4. The Plano, Texas, company currently runs about 1,060 stores.

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All employees at closing stores will receive career training class, including help writing resumes and filling out applications. The company says that some are eligible to receive separation benefits.

The announcement Thursday comes a day after J.C. Penney reported a rise in sales during the critical holiday shopping season.