J.C. Penney to close 130-140 retail stores, company announces

J. C. Penney Company, Inc. has announced it will close about 130-140 stores over the next few months, according to a release. The company has not released a list of the stores that will be closed.

“In 2016, we … delivered a net profit for the first time since 2010; however, we believe we must take aggressive action to better align our retail operations for sustainable growth,” said Marvin R. Ellison, chairman and chief executive officer of JCPenney. “Our decision to close stores will allow us to raise the overall brand standard of the Company and allocate capital more efficiently.”

The company plans to release a full list of planned closures in mid-March pending notification of all affected personnel. Nearly all impacted stores are expected to close in the second quarter of 2017.

“I have a deep appreciation and respect for our associates who are on the front lines working tirelessly to serve our customers every day. Closing a store is never an easy decision, especially given the local impact on valued employees and our most loyal shoppers,” said Ellison.

This story was originally published February 24, 2017 at 9:03 AM with the headline "J.C. Penney to close 130-140 retail stores, company announces."