J.C. Penney Extends Closures Indefinitely and Furloughs Employees

J.C. Penney joins a number of retailers furloughing staff and taking other cost cuts in the face of the coronavirus.
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J.C. Penney  (JCP) - Get Report said it was extending the closure of its stores and business offices until its gets further guidance from health officials. 

The Plano, Texas, company joins a number of retailers furloughing staff and taking other cost cuts in the face of the coronavirus.

The retailer said it would furlough the majority of its hourly store associates beginning April 2. 

Starting April 5, a significant portion of the workforce at headquarters, in Salt Lake City and at its design offices will also be furloughed. 

"These are difficult days all across the country and the globe. At JCPenney, we are making tough, prudent decisions to protect both the safety of our associates and the future of our company," Chief Executive Jill Soltau said in a statement.

Among the retailers and related companies taking cost actions to manage through the pandemic are:

Simon Property  (SPG) - Get Report, the country's largest mall operator, furloughed 30% of its staff as a cost cutting measure. 

Also on Tuesday Urban Outfitters said  (URBN) - Get Report it would furlough workers, suspend share buybacks and cut executive pay.

On Monday, Macy's (M) - Get Report said it would furlough most of its employees beginning this week as the store closings forced by coronavirus take a toll on the Cincinnati retailer.

Last week, Tailored Brands (TLRD) - Get Report said that it was furloughing all U.S. store employees after extending its store closures until at least May 4.

Victoria's Secret parent L Brands (LB) - Get Report suspended its dividend and said it was furloughing workers last Friday.

Kohl's (KSS) - Get Report said it was extending store closures indefinitely while also furloughing its store and store distribution employees.