JC Penney cuts 1,000 jobs as chain shrinks

JC Penney is cutting about 1,000 jobs. The retailer said Wednesday that the jobs to be eliminated will include corporate, field management and international positions. Penney filed for bankruptcy protection in May. As part of its bankruptcy reorganization, Penney has said it plans to permanently close nearly a third of its 846 stores in the next two years. That would leave it with just over 600 locations.