JCPenney to cut 1,000 jobs, close 152 stores

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JCPenney said on Wednesday it would cut about 1,000 jobs and shutter 152 stores as the US department store chain looks to emerge from Chapter 11 protection and the COVID-19 crisis.

The layoffs would affect 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 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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