J.C. Penney Co. plans to close as many as 140 stores and trim about 6,000 jobs through early retirement, becoming the latest department-store chain making a bold move to adjust to a world of lower mall traffic and fierce online competition.
The closings represent as much as 14 percent of company's store base and less than 5 percent of total sales, Plano, Texas-based J.C. Penney said Friday. The moves, which also include shutting two distribution centers, will save about $200 million a year.
The shares rose 1.5 percent to $6.96 at 7:18 a.m. in early trading in New York. J.C. Penney had been down 17 percent this year through yesterday's close.
Our editors found this article on this site using Google and regenerated it for our readers.