J.C. Penney to Cut Jobs in Catalog Unit

From Reuters

Retailer J.C. Penney Co. said it would cut 2,000 jobs -- less than 1% of its total workforce -- from its slumping catalog business and take about $40 million in charges in 2003.

The retailer, well into a turnaround plan in its namesake department stores, said it would close its Atlanta catalog center and telemarketing offices in Atlanta and Lenexa, Kan.

Shares of J.C. Penney closed down 98 cents at $23.60 on the NYSE.