J.C. Penney to cut stores, jobs

PLANO, Tex. — Department store J.C. Penney will close 40 stores and cut about 2,250 jobs in a bid to bolster profitability. The closures will take place in 19 states and most will be completed by April 4. The company has been turning around from a failed effort to reinvent itself under former CEO Ron Johnson. It announced 33 store closures a year ago, and saw improvements in its holiday sales. It now has a new CEO lined up: former Home Depot executive Marvin Ellison takes over from Mike Ullman in August.