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July 15, 2020, 12:43 p.m. EDT

J.C. Penney shares soar after announcing 152 store closures and 1,000 job cuts

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By Tonya Garcia

Shares of bankrupt department store retailer J.C. Penney Co. Inc. /zigman2/quotes/204684963/composite JCPNQ +4.18% soared 16.6% in Wednesday trading after it announced a company restructuring that includes 152 store closures and a headcount reduction of 1,000 workers across corporate roles, management and internationally. J.C. Penney filed for bankruptcy protection on May 15, after which Cowen analysts forecast the company would have to shutter 25% of its locations. J.C. Penney has 90,000 employees, according to FactSet and, as of February 2020, had 850 locations in the U.S. and Puerto Rico. J.C. Penney says it will be offering departing workers a benefits package, including severance, COBRA health insurance, compensation for unused paid time off, and other assistance. J.C. Penney stock has plummeted more then 73% in 2020 while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.06% is down 0.7% for the period.

/zigman2/quotes/204684963/composite
US : U.S.: OTC
$ 0.31
+0.01 +4.18%
Volume: 3.18M
Aug. 7, 2020 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$99.62 million
Rev. per Employee
$126,516
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/zigman2/quotes/210599714/realtime
US : S&P US
3,351.28
+2.12 +0.06%
Volume: 2.28B
Aug. 7, 2020 5:10p
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