July 15, 2020 / 4:39 PM / 21 days ago

J.C. Penney to cut 1,000 jobs, close 152 stores

FILE PHOTO: A closed portion of a JC Penney department store at an indoor shopping mall is seen before the mall closes again due to new restrictions by the State of California during the global outbreak of the coronavirus disease (COVID-19) in Carlsbad, California, U.S., July 14, 2020. REUTERS/Mike Blake

(Reuters) - J.C. Penney Co Inc said on Wednesday it would cut about 1,000 jobs and shutter 152 stores as the U.S. department store chain looks to emerge from Chapter 11 protection and the COVID-19 crisis.

The layoffs would impact corporate, field management, and international roles and eligible departing employees would receive a severance package. The company is also in talks with its landlords regarding store closures.

Penney filed for bankruptcy protection in May, with plans to explore a possible sale, joining a spate of brick-and-mortar retailers to crumble under the pressure brought on by the COVID-19 pandemic.

On Tuesday, Calvin Klein owner PVH Corp (PVH.N) also announced a reduction in the number of office employees.

Reporting by Praveen Paramasivam in Bengaluru; Editing by Ramakrishnan M. And Aditya Soni

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