Struggling retailer J.C. Penney Co. will close 33 stores and cut about 2,000 jobs to save $65 million a year.
No locations in the immediate Washington area will close, but the Penney’s store at The Centre at Salisbury in Salisbury, Md., as well as locations at Bristol Mall in Bristol, Va., and Military Circle Mall in Norfolk, Va., will close.
The company says the stores will all be closed by early May.
“As we continue to progress toward long-term profitable growth, it is necessary to re-examine the financial performance of our store portfolio and adjust our national footprint accordingly,” said Penney CEO Mike Ullman.
Ullman, who stepped down as Penney’s CEO in 2012, returned to the company last year, replacing Rob Johnson, a former head of Apple Inc.’s retail business. Johnson’s short-lived attempt to make the chain more upscale fell flat with shoppers.
Plano, Texas-based J.C. Penney (NYSE: JCP) operates about 1,100 stores nationwide.
