U.S. companies announced tens of thousands of layoffs yesterday, adding to thousands already announced earlier in the week.
J.C. Penney Co. Inc. said yesterday it will cut 5,300 jobs, or about 2 percent of its work force, and close 47 stores as part of an effort to boost profits at the long-struggling retailer.
The stores being closed include 44 underperforming department stores and three catalog outlets, Penney said. The companys four Hawaii stores are not affected.
Also yesterday, consumer products giant Sara Lee said it is slashing thousands of jobs in its underwear and food operations, which are under increasing pressure from tough competition and the U.S. retail slowdown.
The 7,000 layoffs worldwide amount to more than 4 percent of Sara Lees work force of 154,000 employees in 40 countries.
Meanwhile, Standard Register Co., a printer of business forms, said it will fire about 2,400 employees, or almost 30 percent of its work force, and reorganize its business to cut costs and revive earnings.
The job cuts come in the wake of Lucent Technologies announcement Wednesday that it would lay off 10,000 workers, or about 10 percent of its staff.
Lucent also said it and may outsource 6,000 more jobs by the end of 2001.
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