J.C. Penney to Close 33 Stores and Cut 2,000 Jobs

In yet another sign of its deep slump, J.C. Penney said on Wednesday that it would close 33 stores across the country and shed about 2,000 jobs. The company said in a statement that the closings and resulting job cuts would save about $65 million a year. One of the oldest retailers in the nation, J.C. Penney has undergone considerable management and investment turmoil in the last few years. It fired one chief executive, Ron Johnson, and then brought back his predecessor, Myron E. Ullman III.