J.C. Penney. Co Inc. said on Wednesday it would cut about 1,000 jobs and shutter 152 stores as the U.S. department store chain looks to emerge from Chapter 11 protection and the COVID-19 crisis.
The layoffs would impact corporate, field management, and international roles and eligible departing employees would receive a severance package. The company is also in talks with its landlords regarding store closures.
Penney (JCP) 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 employees.
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