J.C. Penney Closing 33 Stores; Laying Off 2,000

J.C. Penney will close 33 stores and lay off about 2,000 employees, the retailer said Wednesday."These actions are expected to result in an annual cost savings of approximately $65 million, beginning in 2014," the company says in a press release issued after the close of the stock market.CEO Myron E. Ullman said in the release: "While it's always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success."