JC Penney cutting 2,000 jobs, closing 33 stores

J.C. Penney Black Friday shopping

NEW YORK (CNNMoney) — The bad news continues at J.C. Penney.

The ailing retailer announced Wednesday that it was cutting 2,000 jobs and closing 33 “underperforming” stores in an effort to rein in expenses.

The store closings (listed below) are likely to be complete by early May. J.C. Penney said it expected the moves to generate $65 million in annual cost savings.

“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,” J.C. Penney CEO Mike Ullman said in a statement.

Investors weren’t impressed — J.C. Penney shares slid 1.1% in after-hours trading Wednesday following the announcement.

It’s been a brutal year for J.C. Penney, its stock falling over 60% in the past 12 months. The company has been losing hundreds of millions of dollars per quarter, and is in the midst of another turnaround effort after ousting former Apple executive Ron Johnson last year.

J.C. Penney’s announcement comes after rival Macy’s announced last week that it was laying off 2,500 workers and closing five stores.

LIST OF STORE CLOSINGS

Selma, Ala. — Selma Mall

Rancho Cucamonga, Calif. — Arrow Plaza

Colorado Springs — Chapel Hills Mall

Meriden, Conn. — Meriden Square

Leesburg, Fla. — Lake Square Mall

Port Richey, Fla. — Gulf View Square

Muscatine, Iowa — Muscatine Mall

Bloomingdale, Ill. — Stratford Square Mall

Forsyth, Ill. — Hickory Point Mall

Marion, Ind. — Five Points Mall

Warsaw, Ind. — Marketplace Shopping Center

Salisbury, Md. — The Centre at Salisbury

Marquette, Mich. — Westwood Plaza

Worthington, Minn. — Northland Mall

Gautier, Miss. — Singing River Mall

Natchez, Miss. — Natchez Mall

Butte, Mont. — Butte Plaza Shopping Center

Cut Bank, Mont.

Kinston, N.C. — Vernon Park Mall

Burlington, N.J. — Burlington Center

Phillipsburg, N.J. — Phillipsburg Mall

Wooster, Ohio — Wayne Towne Plaza

Exton, Pa. — Exton Square Mall

Hazleton, Pa. — LaurelMall

Washington, Pa. — Washington Mall

Chattanooga — Northgate Mall

Bristol, Va. — Bristol Mall

Norfolk, Va. — Military Circle Mall

Fond du Lac, Wis., Forest Mall

Janesville, Wis. — Janesville Mall

Rhinelander, Wis. — Lincoln Plaza Center

Rice Lake, Wis. — Cedar Mall

Wausau, Wis. — Wausau Mall

The-CNN-Wire
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