J.C. Penney's Job Cuts, Store Closures Prompt Stock Drop

The department store operator will close 33 stores and cut 2,000 jobs.
3:00 | 01/16/14

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Transcript for J.C. Penney's Job Cuts, Store Closures Prompt Stock Drop
And some business news now starting with struggling retailer JC Penney it announced yesterday that it is cutting 2000 jobs and closing 33 of its stores. That had Wall Street analysts wondering whether pennies holiday sales -- actually worse than first thought. The cuts and closings are Penney's latest effort to return to profitability. It stocks fell in after hours trading following the announcement.

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