J.C. Penney To Close 13 To 14 Percent Of Stores
J.C. Penney says it will be closing anywhere from 130 to 140 stores as well as two distribution centers over the next several months. The closures, announced Friday, represent about 13 percent to 14 percent of the company’s current store count. The news came as Penney posted a profit in the fourth-quarter compared to a loss a year ago. J.C. Penney is joining other department stores like Macy’s who are shrinking its footprint amid challenges in the industry.