J.C. Penney closing store in Tampa Bay
The store will shut down its Gulf View Square location in Port Richey, as well as one other Florida store in Leesburg. In a news release, JCP said it expects to finish the store closings by early May.
The company expects to save $65 million a year. About 2,000 employees will be laid off.
"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," CEO Myron E. Ullman said in the release.
The chain has been struggling in past years in spite of trying to reinvigorate itself by recruiting designers to create low-priced fashions, a la Target.