J.C. Penney Closing 33 Stores, Eliminating 2,000 Positions

Tim Boyle/Getty Images(PLANO, Texas) -- J.C. Penney plans to close 33 underperforming stores and eliminate approximately 2,000 positions, the company announced Wednesday.

The Texas-based retailer said the closures are expected to save the company around $65 million annually, and are part of its “strategic initiative” to turn things around after a failed repositioning effort roiled the department store chain and drove away shoppers.

"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,” said J.C. Penney CEO Mike Ullman.

The closures are expected to begin this year.

Click HERE for a list of the planned store closures.

Copyright 2014 ABC News Radio

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