JCPenney cuts 360 jobs and shares plunge

JCPenney confirmed Friday it is eliminating 360 jobs, including 130 at corporate headquarters, saying the cuts will save the retailer up to $25 million a year.

JCPenney already closed 140 stores and laid off 5,000 employees last year.

J.C. Penney's stock fell more than 12 percent Friday morning following the earnings report.

The retail chain said it expects earnings and sales to be lower in 2018 than Wall Street analysts predicted.