Shut-up shop: JC Penney calls time on 140 stores

Shut-up shop: JC Penney calls time on 140 stores

JC Penney has announced a series of store closures that amounts to almost 14 percent of its total store base in the second quarter of the year, according to a report published by Business of Fashion.

The department store chain will shut 140 retail locations, cease operation of 2 distribution centers and trim 6,000 jobs through voluntary early retirement. The move is expected to save the retailer US$200 million a year, and represents less than 5 percent of sales.

“We must take aggressive action to better align our retail operations for sustainable growth,” said CEO Marvin Ellison in a statement.

 

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