J.C. Penney to close 13 to 14 percent of stores


FILE - In this Friday, Oct. 23, 2009 file photo, shoppers visit a J.C. Penney store in New York. J.C. Penney Co. is reporting a 78 percent drop in its third-quarter earnings Friday, Nov. 13, 2009, because of a big expense to fund its pension plan. (AP Photo/Mark Lennihan, file)
FILE – On this Friday, Oct. 23, 2009 file photograph, consumers go to a J.C. Penney retailer in New York. J.C. Penney Co. is reporting a seventy eight % drop in its third-quarter earnings Friday, Nov. thirteen, 2009, due to an enormous expense to fund its pension plan. (AP Photograph/Mark Lennihan, file)

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.



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