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J.C. Penney to cut 1,000 jobs, close 152 stores

Reuters
Updated ·1 min read
California closes indoor shopping malls as it pulls back from opening due to a sharp rise in positive tests of the coronavirus disease (COVID-19), in Carlsbad

(Reuters) - J.C. Penney Co Inc said on Wednesday it would cut about 1,000 jobs and shutter 152 stores as the U.S. department store chain looks to emerge from Chapter 11 protection and the COVID-19 crisis.

The layoffs would impact corporate, field management, and international roles and eligible departing employees would receive a severance package. The company is also in talks with its landlords regarding store closures.

Penney filed for bankruptcy protection in May, with plans to explore a possible sale, joining a spate of brick-and-mortar retailers to crumble under the pressure brought on by the COVID-19 pandemic.

On Tuesday, Calvin Klein owner PVH Corp <PVH.N> also announced a reduction in the number of office employees.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Ramakrishnan M. And Aditya Soni)