Mike Ullman

J.C. Penney to close 130 to 140 stores and offer early retirement to 6,000 workers

J.C. Penney to close 130 to 140 stores and offer early retirement to 6,000 workers

J.C. Penney said Friday it will be closing 130 to 140 stores as well as two distribution centers over the next several months as it aims to improve profitability in the era of online shopping.

The closures represent 13% to 14% of the department store operator's current store count, and less than 5% of total annual sales. The company said it also would initiate a voluntary early retirement program for about 6,000 eligible employees.

The company plans to release a full list of stores slated for closure in mid-March after notifying affected employees. Most locations will close in May. It also plans to sell its supply chain facility in Buena Park "in an effort to...

EDITION: California | U.S. & World
63°