J.C. Penney To Close 130 To 140 Stores

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 in shrinking its footprint amid challenges within the business.

© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Related Press contributed to this report.

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