VIDEO: JCPenney To Close 130-140 Stores, Two Distribution Facilities, As Market Shares Sink
By FOX BUSINESS // February 25, 2017
6,000 eligible workers expected to take early retirement
ABOVE VIDEO: J.C. Penney will be closing 130-140 stores in the coming months, including the Lakeland Distribution Center, the company reported Friday.
(FOX BUSINESS) – JCPenney (JCP) on Friday said it will shutter 130 to 140 stores and close two distribution facilities in an effort to reinvent itself online, cut dead weight at underperforming physical locations, and better optimize its remaining bricks-and-mortar locations.
Sales at stores open at least a year, a key metric for retailers, slid 0.7 percent during the fourth quarter (including the key holiday season), which compared to a 4.1 percent bump during the same period the year prior the company announced during its earnings release on Friday.
Penney said it expects comparable-store sales to be between -1 percent and 1 percent in 2017.
With the need to eliminate staff through the store closures, the company also announced a voluntary early retirement program for about 6,000 eligible workers.
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