J.C. Penney to shutter 33 stores, slash 2,000 jobs

J.C. Penney will fire 2,000 people and close 33 underperforming stores as part of a revamped turnaround plan it hopes will stem ballooning losses.

The struggling department-store chain expects to generate savings of roughly $65 million starting this year, according to Fox News.

"As we continue to progress toward long-term profitable growth, it is necessary to re-examine the financial performance of our store portfolio and adjust our national footprint accordingly," J.C. Penney CEO Mike Ullman said in a statement.

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