retail news in context, analysis with attitude

•  From CNBC:

"J.C. Penney announced Wednesday it plans to lay off about 1,000 employees.

The company met a July 8 deadline to submit a business plan to its lenders … The struggling retailer filed for court protection on May 15, with roughly 860 stores and about 90,000 full-time and part-time employees. It has announced plans to close about 170 stores in recent weeks, though negotiations with landlords are ongoing. On Wednesday, it said it expects about 152 closures."