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J.C. Penney to Cut 2,000 Jobs While Closing 33 Stores

J.C. Penney Co. Chief Executive Officer Mike Ullman, intensifying efforts to revive the money-losing department-store chain, plans to close 33 stores and eliminate about 2,000 jobs to help save $65 million a year.

The closings and cuts will result in pretax charges of $26 million in the fourth quarter and $17 million in future periods, the Plano, Texas-based company said in a statement yesterday.