JCPENNEY TO CUT 2,000 JOBS, CLOSE 33 STORES

Reuters/Natalie Behring

JCPenney is cutting 2,000 jobs and closing 33 stores as the battered department store seeks to revive revenue growth, the company announced Wednesday.

The move will save about $65 million annually, beginning in 2014, according to the company.

JCPenney, which has about 1,100 stores, has struggled to turn a profit since former CEO Ron Johnson was fired in April.

The firings and closings are the latest effort by the retailer to reverse Johnson's aggressive reinvention plan, which drove away millions of customers.

In another effort to boost a turnaround, the company will overturn Johnson's decision to end sales commissions, Bloomberg reported Wednesday. The change, which will affect 3,000 employees, is meant to spur sales growth, especially in jewelry and home furnishings.