J.C. PENNEY ANNOUNCES LAYOFFS, CLOSURES.Byline: Katie Fairbank Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. J.C. Penney Co. said Tuesday that it will close 75 stores and lay off about 4,900 people as the company struggles to improve its retail division. It's the second staffing cut in recent months for the large department and drug store chain, which gave early retirement to 1,250 staffers in the third quarter. Chief executive officer James Oesterreicher said the retailer plans to save about $50 million in 1998 and about $105 million in 1999 from the latest cutbacks. ``They've come to a realization that as a first step they have to get rid of all underperforming stores and cut costs in an effort at least to regain a little bit of competitive footing,'' said Kurt Barnard Bar·nard , Christiaan Neethling 1923-2001. South African surgeon who performed the first human heart transplant (1967). , a retail consultant and president of Barnard's Retail Marketing Report. Penney released only the first six store closures. The stores are located in Babylon, N.Y.; Beloit, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .; Kewanee, Ill.; Bay City, Texas; West St. Paul West St. Paul can refer to:
Company spokesman Duncan Muir said the other stores will be announced 60 to 90 days prior to their closures. |
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