USA: JCPenney Announces Store Closures In Restructuring Plan
JC Penney has announced that it is to close 44 of its underperforming department stores in a business restructuring proposal aimed at improving its competitive position and future financial performance. The store closures are planned for the first half of 2001 and will also include three of the company's catalogue outlet stores. The company has claimed that many of the 5,000 staff affected by the store closures will be offered positions at other stores.
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