JCPenney to close more than 100 stores

JCPenney says it will be closing anywhere from 130 to 140 underperforming stores as well as two distribution centers over the next several months as it aims to improve profitability in the era of online shopping.The closures, announced Friday, represent about...

JCPenney to close more than 100 stores

JCPenney says it will be closing anywhere from 130 to 140 underperforming stores as well as two distribution centers over the next several months as it aims to improve profitability in the era of online shopping.

The closures, announced Friday, represent about 13 percent to 14 percent of the company’s current store count — but less than 5 percent of sales.

The news came as Penney posted a profit in the fourth-quarter compared to a loss a year ago.

The company posted quarterly sales of $3.96 billion, down 0.9 percent from $3.99 billion a year ago — missing Wall Street projections.

Revenue at stores opened at least a year was down 0.7 percent.

JCPenney is joining other department stores like Macy’s who are shrinking its footprint amid challenges in the industry.

A list of the stores to be closed, beginning in May, has not yet been released as affected employees have not yet been notified.

Our editors found this article on this site using Google and regenerated it for our readers.

You need to login to comment.

Please register or login.

RELATED NEWS