J.C. Penney will close 33 stores and lay off about 2,000 employees in the process, the retailer said Wednesday.
The stores are expected to be shuttered by early May.
"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."
The embattled company's stock price is near a 52-week low. Wednesday's news isn't helping much: Shares are down 1.1% in after-hours trading, to $6.93.
LIST OF STORE CLOSINGS
Selma, Ala. -- Selma Mall
Rancho Cucamonga, Calif. -- Arrow Plaza
Colorado Springs -- Chapel Hills Mall
Meriden, Conn. -- Meriden Square
Leesburg, Fla. -- Lake Square Mall
Port Richey, Fla. -- Gulf View Square
Muscatine, Iowa -- Muscatine Mall
Bloomingdale, Ill. -- Stratford Square Mall
Forsyth, Ill. -- Hickory Point Mall
Marion, Ind. -- Five Points Mall
Warsaw, Ind. -- Marketplace Shopping Center
Salisbury, Md. -- The Centre at Salisbury
Marquette, Mich. -- Westwood Plaza
Worthington, Minn. -- Northland Mall
Gautier, Miss. -- Singing River Mall
Natchez, Miss. -- Natchez Mall
Butte -- Butte Plaza Shopping Center
Cut Bank, Mont.
Kinston, N.C. -- Vernon Park Mall
Burlington, N.J. -- Burlington Center
Phillipsburg, N.J. -- Phillipsburg Mall
Wooster, Ohio -- Wayne Towne Plaza
Exton -- Exton Square Mall
Hazleton, Pa. -- LaurelMall
Washington, Pa. -- Washington Mall
Chattanooga -- Northgate Mall
Bristol, Va. -- Bristol Mall
Norfolk, Va. -- Military Circle Mall
Fond Du Lac, Wisc., Forest Mall
Janesville, Wisc. -- Janesville Mall
Rhinelander, Wisc. -- Lincoln Plaza Center
Rice Lake, Wisc. -- Cedar Mall
Wausau, Wisc. -- Wausau Mall