The Short of It

J.C. Penny to close 140 stores

By Lauren AguirreFebruary 24, 2017

02/24/17

J.C. Penny announced that it will close anywhere from 130 to 140 stores and two distribution centers over the next two months. The company is aiming to improve profitability in light of online shopping. The closures represent 13 to 14 percent of J.C. Penny's current store count, which is also less than 5 percent of total annual sales. The company said it would initiate a voluntary early retirement program for 6,000 eligible employees. J.C. Penny is looking for ways to increase sales while improving its e-commerce.