J.C. Penney released a statement on February 24th that it would be closing 130-140 stores in the next few months after also reporting a larger than expected drop in sales after the holidays.
According to their statement, the company will be closing 13-14% of their stores, but those stores account for less than 5% of their annual sales. The move is expected to save around $200 million from their annual costs.
J.C. Penney also said that for the 6,000 workers involved, there would be a voluntary early retirement program for its home office, stores, and supply chain personnel.
At the current time, there is no official list of stores that will be closing over the next few months.
Read the full story at Reuters.com