J.C. Penney to Close 33 Stores

2,000 jobs to be cut

Struggling department-store operator J.C. Penney announced it will cut 2,000 jobs and close 33 stores as it tries to get back on the path to profitability. 

The news raises concerns that Penney's holiday season sales were not what the company hoped for and that the chain needs to do even more to recover from a turnaround plan that has had disastrous results.