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J.C. Penney to shed 33 stores, cut 2000 jobs as part of turnaround

NEW YORK, Jan 15 (Reuters) - J.C. Penney Co Inc said on Wednesday it will close 33 underperforming stores and cut 2,000 jobs as part of its turnaround.

The closings will generate cost savings of $65 million per year, beginning in 2014. Penney expects estimated pretax charges of about $26 million in the current quarter.

The struggling department store chain operates about 1,100 stores in the United States and had 116,000 employees as of Feb. 2, 2013.