J.C. Penney (OTCPK:JCPNQ) says it plans to aligning its workforce to the new reduced store footprint and optimization strategy.

That means 1,000 corporate, field management and international positions will be eliminated and 152 more stores will be closed.

The organizational restructuring is seen creating a smaller, more financially flexible company for the other side of bankruptcy.

JCPNQ +14.67% to $0.30.

Source: Press Release


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