J.C. Penney plans to close 33 stores, including one in Minnesota, as part of a cost-cutting initiative. The Minnesota store slated for closure is at the Northland Mall in Worthington. J.C. Penney announced Wednesday it will cut 2,000 jobs as the struggling department-store operator tries to get back on the path to profitability. The 33 stores will be closed by early May.
J.C. Penney’s shares are tumbling a day after the department store chain announced the sudden departure of Michael Francis, a top Target executive brought in last October to help redefine the store’s brand.
J.C. Penney Company Inc. hired Target’s top marketing executive as its new president as the department store operator tries to redefine its brand.