J.C. Penney to cut 2,000 jobs, close 33 stores

[unhappycamper]

http://www.adn.com/2014/01/15/3274954/jc-penney-to-cut-2000-jobs-close.html



FILE - In this April 9, 2013 file photo, a customer leaves a J.C. Penney store in New York. J.C. Penney on Wednesday, Jan. 15, 2014 announced it will cut 2,000 jobs and close 33 stores as it tries to get back on the path to profitability.

J.C. Penney to cut 2,000 jobs, close 33 stores
By ANNE D'INNOCENZIO and MAE ANDERSON
The Associated Press
January 15, 2014 Updated 12 hours ago

NEW YORK — Struggling department-store operator J.C. Penney announced it will cut 2,000 jobs and close 33 stores 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.

[liberal N proud]

1. Penney's will soon go the way of Montgomery Ward, Venture and other retailers

who failed to provide what the customer expected.

[Uben]

2. I'll be damned if I would use a credit card there.....

...after the Target fiasco. If they are in cost cutting mode. I'm sure customer's security is on the chopping block as well. Why would they spend big money on encryption? In the corporate world, shareholders come first and customers fall just a hair above employees.....and we know how they treat employees!

[Atman]

3. Take Sears with you on the way out.

Sorry to hear about the job losses, though. These are dinosaurs. As our grandparents die, so dies the customer base for these stores.