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TheStreet Open House

Layoffs Continue to Mount

Stock quotes in this article: LOW, BJ, YHOO, BA, JCP, HBC, AXP

J.C. Penney

J.C. Penney (JCP) announced on Jan. 24 that it is shuttering six unprofitable stores.

The department store did not disclose how many jobs would be impacted as a result of the closures, which will occur throughout the year.

"These six locations no longer meet the company's profitability threshold," J.C. Penney said in a statement.

The company also said that it plans to wind down its catalog business, which includes a total of 19 catalog stores.

The restructure will result in charges of about $30 million, or 8 cents a share, in the fourth quarter. J.C. Penney expects to save $25 million to $30 million, or 7 cents a share, in 2012.

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DOW 16,767.59 -37.12 -0.22%
S&P 500 1,933.65 -12.51 -0.64%
NASDAQ 4,394.7060 -27.3790 -0.62%

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