JC Penney Ends 20-Cent Quarterly Dividend, Sees Additional Restructuring

JC Penney announced on Tuesday that it will discontinue its 20 cents per share quarterly dividend.

On an annual basis, this will result in cash savings of approximately $175 million, which will be used to help fund the broad-based transformation plan that JC Penney announced in January, the company announced.

JC Penney's shares were down $4.20 to $29.19 in after-hours trading Tuesday.