JCPenney to Shutter 130-140 Stores, Shares Sink

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% during the fourth quarter (including the key holiday season), which compared to a 4.1% 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% and 1% in 2017. -- More...