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JC Penney cuts 1,000 jobs as chain shrinks

Retailer plans to close nearly a third of its 846 stores in next 2 years

FILE - In this May 8, 2020, file photo, a J.C. Penney store sits closed in Roseville, Mich. The coronavirus pandemic has pushed troubled department store chain J.C. Penney into Chapter 11 bankruptcy. It is the fourth major retailer to meet that fate. Penney said late Friday, May 15, 2020, it will be closing some stores and will be disclosing details and timing in the next few weeks. (AP Photo/Paul Sancya, File)
FILE - In this May 8, 2020, file photo, a J.C. Penney store sits closed in Roseville, Mich. The coronavirus pandemic has pushed troubled department store chain J.C. Penney into Chapter 11 bankruptcy. It is the fourth major retailer to meet that fate. Penney said late Friday, May 15, 2020, it will be closing some stores and will be disclosing details and timing in the next few weeks. (AP Photo/Paul Sancya, File) (Copyright 2020 The Associated Press. All rights reserved)

JC Penney says it will cut 1,000 jobs as it tries to fight its way out from under bankruptcy protection.

The company last month said it had identified just over 150 stores for closure in the first phase of a restructuring in which it will become a smaller operator.

The retailer said Wednesday that the jobs to be eliminated will include corporate, field management and international positions.

Penney filed for bankruptcy protection in May. It had been struggling prior to the coronavirus pandemic, but like many retailers, the virus outbreak intensified their difficulties. Other retailers to file for bankruptcy recently include J. Crew, Neiman Marcus, Brooks Brothers and Sur La Table.

On Tuesday, PVH Corp. announced 450 jobs cuts in North America and said it would close 162 of its stores. PVH owns Van Heusen and IZOD.

As part of its bankruptcy reorganization, Penney has said it plans to permanently close nearly a third of its 846 stores in the next two years. That would leave it with just over 600 locations.