J.C. Penney Company To Shut Stores, Slash Jobs

J.C. Penney Company, Inc. (NYSE:JCP) announced plans to close 33 underperforming stores in a desperate bid to shore up its profitability. Describing the decision as a “strategic initiative to advance turnaround,” the troubled retailer said the closing of the stores would result in the reduction of 2,000 jobs. J.C. Penney holiday sales not that hot? The announcement follows on its press release last week that said “the Company is pleased with its performance for the holiday period, showing continued progress in its turnaround efforts.” That rather opaque announcement was devoid of hard figures and was criticized for being “bizarre and…