JCPenney is cutting 1,000 jobs as it closes 152 stores

• JCPenney is cutting 1,000 jobs as it closes stores.
• "The global health and economic crisis caused by the coronavirus (COVID-19) pandemic has forced retailers to make difficult decisions," JCPenney CEO Jill Soltau said in a statement.

JCPenney said Wednesday that it plans to cut about 1,000 jobs as it closes 152 stores.

The cuts will impact corporate, field management, and international positions, JCPenney said in a news release.

The company said the cuts will help it emerge from Chapter 11 bankruptcy proceedings and the coronavirus pandemic "even stronger."

"The global health and economic crisis caused by the coronavirus (COVID-19) pandemic has forced retailers to make difficult decisions," JCPenney CEO Jill Soltau said in a statement. "For JCPenney, that includes reducing our footprint and accelerating our store optimization strategy while we implement our Plan for Renewal."

The company said it will provide a benefits package to its departing employees, including severance for those eligible, healthcare coverage through COBRA for workers enrolled in benefits, outplacement support, compensation for unused paid time off, and extended discount benefits.

"Each of these associates has made valuable contributions to the legacy of JCPenney, and we are truly grateful for their service," Jill Soltau said, referring to the laid-off workers. "These decisions are always extremely difficult, and I would like to thank these associates for their hard work and dedication. We are committed to supporting them during this period of transition."