NEW YORK (AP) — J.C. Penney says it is going to be closing anyplace from one hundred thirty to one hundred forty shops in addition to two distribution facilities over the subsequent a number of months because it goals to enhance profitability within the period of on-line purchasing.
The closures, introduced Friday, characterize about thirteen % to 14 % of the corporate’s present retailer rely, and fewer than 5 % of complete annual gross sales.
The information got here as Penney posted a revenue within the fourth-quarter in comparison with a loss a yr in the past.
The corporate posted quarterly gross sales of $three.ninety six billion, down zero.9 % from $three.ninety nine billion a yr in the past.
Income at shops opened no less than a yr was down zero.7 %.
J.C. Penney is becoming a member of different department shops like Macy’s who’re shrinking its footprint amid challenges within the business.