J.C. Penney to close 3 stores by spring as part of ongoing review, holiday sales drop - CNBC
CNBC - Tue 8 Jan 23:36 GMT

J.C. Penney to close 3 stores by spring as part of ongoing review, holiday sales drop - CNBC

The retailer said it will provide more information on store closures when it reports fourth-quarter results on Feb. 28.

  J.C. Penney announced Tuesday that holiday sales fell and it plans to close three stores by the spring as part of an ongoing evaluation of its performance.

  For the nine weeks ended Jan. 5, same-store sales fell 3.5 percent on an adjusted basis.

  On an "unshifted basis," sales were down 5.4 percent at stores open at least a year.

  The retailer didn't specify which stores it planned to close but said it would provide more information when it reports fourth-quarter results on Feb. 28.

  The company said it still expects to "generate positive free cash flow in fiscal 2018, reduce inventory in excess of $225 million or 8% and expects to end the year with liquidity in excess of $2 billion."