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Layoffs Continue to Mount

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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