JC Penney cuts 1,000 jobs as it closes Shops

JC Penney says it’s going to cut 1,000 jobs as it attempts to fight its way out from under bankruptcy protection.

The company last month said it had identified only over 150 shops for closure at the initial phase of a restructuring where it will turn into a more compact operator.

The merchant said Wednesday the tasks to be removed will consist of corporate, field direction, and global positions.

It’d been fighting before this coronavirus pandemic, however, like most merchants, the virus epidemic intensified their problems. Other retailers to file for bankruptcy lately include J. Crew, Neiman Marcus, Brooks Brothers, and Sur La Table.

On Tuesday, PVH Corp. declared 450 job cuts in North America and stated it would shut 162 of its stores. PVH possesses Van Heusen and IZOD.

As a part of its bankruptcy reorganization, Penney has stated it intends to permanently shut almost a third of its own 846 shops in a subsequent couple of decades. That will leave it with just over 600 places.