Brian Sozzi Comments On JCPenney Following News Of 33 Store Closings, Employee Cuts

JC Penney (NYSE: JCP ) announced on Wednesday that in an effort to cut costs and return to profitability will slash 2000 jobs and close down 33 stores. According to JCP's press release, the move should generate savings of $65 million. JC Penney's CEO, Myron Ullman, defends the decision, “While it's