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PLANO, Texas, Jan. 24, 2011 /PRNewswire via COMTEX/ -- J.
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C. Penney Company, Inc. (NYSE: JCP) today announced a series of actions designed to build on its accomplishments in 2010 and allow it to focus on its highest potential growth opportunities by reducing investment in areas of the business that no longer contribute meaningfully to its financial performance.
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They include closing certain underperforming store locations, the wind down of its catalog and outlet operations, and streamlining its Call Center operations and Custom Decorating business.
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These actions follow an extensive review by JCPenney's Executive Board and Board of Directors of opportunities for enhanced profitability and sales growth within the framework of the Company's Long Range Plan.
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Myron E. (Mike) Ullman, III, chairman and chief executive officer, said, "We are focused on increasing profitability and accelerating our growth. To achieve this, we undertook a thorough evaluation of our operations to ensure we are managing costs and allocating our resources to the strategies that will best drive both our top and bottom line, with the objective of delivering enhanced returns to shareholders.

" Mr. Ullman continued, "The actions we are announcing today are significant steps in an ongoing process to ensure we are best managing costs and allocating our resources effectively to the strategies that will allow us to improve margins and drive profitable sales over the long term.

We see significant opportunities ahead in our core department store and online businesses as part of our Long Range Plan and we are well prepared to capitalize on them in 2011 and the years to come.