Yahoo News – by Harley Peterson, Business Insider
JCPenney is cutting 2,000 jobs and closing 33 stores as the battered department store seeks to revive revenue growth, the company announced Wednesday.
The move will save about $65 million annually beginning in 2014, the company said.
JCPenney, which has about 1,100 stores, has struggled to turn a profit since former CEO Ron Johnson was fired in April.
The firings and closings are the latest effort by the retailer to reverse Johnson’s aggressive reinvention plan, which alienated millions of customers.
The decision will enable the company to focus resources on the highest growth opportunities while shedding underperforming stores that have been a drag on revenues, JCPenney said in a press release.
“While it’s always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success,” JCPenney CEO Mike Ullman said in a statement.
In another effort to boost a turnaround, the company will overturn Johnson’s decision to end sales commissions, Bloomberg reported Wednesday. The change, which will affect 3,000 employees, is meant to spur sales growth, especially in jewelry and home furnishings.
Here’s the list of stores that will be closed:
via JCPenney
http://finance.yahoo.com/news/jcpenney-cut-2-000-jobs-213006101.html
Yep, business is surely booming. NOT!