NEW YORK (CBS/AP) – JC Penney Co. announced the closure of dozens of stores nationwide, but California stores have been spared.
The company said the closure of about 40 of its stores will cost around $38 million.READ MORE: Police Searching For Missing Belmont Teen With Mental Health Issues
Penney expects to complete most the store closures by April. A year ago, it announced plans to close 33 stores and cut about 2,000 jobs.READ MORE: COVID: FDA Expected To Authorize Mixing Moderna, Johnson & Johnson Booster Shots
The company will cut about 2,250 jobs as it tries to improve its profitability. Earlier this week it started notifying workers at stores slated to be closed.
The department store chain said it will book pre-tax charges of $21 million in the fourth quarter of its fiscal 2014, and another $17 million will be incurred later.
The company, based in Plano, Texas, has about 1,060 stores. It has been trying to recover from a botched plan to reinvent itself under former CEO Ron Johnson.MORE NEWS: UPDATE: Fast-Acting Good Samaritan Rescues Man Trapped In Burning Building In San Francisco
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