JC Penney Closing 140 Stores in the Coming Months
Another huge retailer is closing hundreds of stores across the country in an effort to compete in the ever-changing online marketplace. JC Penney will begin closing 140 stores in the next few months.
Most stores will close in the second quarter, which is between April and June. The company will offer "voluntary early retirement" to as many as 6,000 workers though it's not known how many jobs will be cut. The locations of the store closing will be revealed in mid-March; JC Penney is also closing two distribution centers.
JC Penney will take a $225 million hit in closing stores but will save $200 million a year in payroll and other costs.