NEW YORK Jan 15 J.C. Penney Co Inc said on Wednesday it will close 33 underperforming stores and cut 2,000 jobs as part of its turnaround.
The closings will generate cost savings of $65 million per year, beginning in 2014. Penney expects estimated pretax charges of about $26 million in the current quarter.
The struggling department store chain operates about 1,100 stores in the United States and had 116,000 employees as of Feb. 2, 2013.
GDP data shows Britain's economy can cope with EU exit - Hammond
LONDON, Oct 27 British finance minister Philip Hammond said that Thursday's better-than-expected GDP growth showed the economy was resilient and well-placed to cope with the challenges thrown up by Britain's exit from the European Union.
GLOBAL MARKETS-European shares up as banks reassure, dollar holds near highs
LONDON, Oct 27 Reassuring results from some of Europe's biggest banks gave financials a boost on Thursday and helped offset weakness in oil-related stocks, while higher bond yields underpinned the dollar.