JCPenney to cut 1,000 jobs, shutter 152 stores
By
Reuters
Published
July 15, 2020, 4:09 p.m. ET
JCPenney said on Wednesday it would cut about 1,000 jobs and shutter 152 stores as the US department store cha🧜in looks to emerge from Chapter 11 protection and the COVID-19 crisis.
The layoffs would affect corporate, field management, and international rolesꦏ and eligible departing employees would receive a severance package. The company is also🉐 in talks with its landlords regarding store closures.
Penney filed for bankruptcy protection in May, with plans to explore a possible sale, joining a spate of brick-and-mortar retailers to crumble under the 🐻pressure brought on by the COVID-19 pandemic.
On Tuesday, Calvin Klein owner PVH Corp. also announced a reduction in the number of office empl📖oyees.