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Penney to shed 33 stores, cut 2,000 jobs to stem losses

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NEW YORK - J.C. Penney Co Inc said on Wednesday it will close 33 stores and cut 2,000 jobs as part of the struggling retailer's efforts to return to profit.

Chief Executive Myron Ullman in a statement called the move an important step that "addresses a strategic priority to improve the profitability of our stores."

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