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J.C. Penney shuttering stores, slashing jobs

February 28, 2017

J.C. Penney is prepping to close up to 140 stores and aiming to lay off 6,000 employees, according to a USA Today report.

The closings represent 13-to-14 percent of the retailer's total store base and the move should save the beleaguered retailer about $200 million.

The layoff action features a voluntary retirement incentive.