Investing.com — JC Penney Company Inc Holding (OTC:JCPNQ) rose 14% after the struggling retailer said it was cutting 1,000 jobs and closing 152 stores.
This organizational restructuring should create a “smaller, more financially flexible company,” and will help JC Penney emerge stronger from Chapter 11 bankruptcy, for which it filed in May, and the coronavirus pandemic, the company said. The job cuts will affect corporate, field management, and international positions.
The company has two holds, two sells and no buy ratings, according to data compiled by Investing.com. It trades on the OTC market.
JC Penney has nearly $4 billion in debt.