J. C. Penney Company announced Wednesday it is closing 33 underperforming stores as part of its efforts to further the growth of the company. This closing affects the J. C. Penney store at Northgate Mall.
These actions are expected to result in an annual cost savings of approximately $65 million, beginning in 2014.
Remaining inventory in the affected stores will be sold over the next several months. The final closings are expected to be complete by early May also resulting in approximately 2,000 positions loss.
Meanwhile, the Company is continuing its plans to open a new store later this year in Brooklyn, N. Y.