Reginal Thomas
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JCPenny Set To Cut 2,00 Job and Close 33 Stores In Hopes of Growing Revenue

JCPenny is planning to cut 2,000 jobs and close 33 stores as the struggling department store tries to raise revenue growth, the company announced today. The cuts are expected to save $65 million annually starting in 2014. Since former CEO Ron Johnson was fired back in April the company as struggled to turn a profit. With these cuts the company plans to focus its resources on the highest growth opportunities while closing store that don't meet standards and that have slowed down revenues.