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J.C. Penney to cut 1,000 corporate and field jobs

CBS News 07/16/2020

J.C. Penney said yesterday that it will eliminate 1,000 largely management and international positions. The retailer, which has $500 million cash on hand and a $900 million credit facility from lenders, is struggling to deal with a loss of sales due to the coronavirus pandemic while carrying $4 billion in debt.

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