TEXAS -- Retail giant J.C. Penney announced Wednesday that 33 of its under-performing stores will be closed this spring.

Wisconsin leads the list of stores on the chopping block , with five stores in Fond du Lac,  Janesville, Wausau, Rhinelander and Rice Lake set to close, resulting in 255 jobs lost. 

The Texas-based retailer said the closings will save the company about $65 million a year. 

J.C. Penney lost $1.4 billion during the first nine months of its fiscal year 2013.