JC Penney announces more store closures - Fox Business Foxbusiness.com - Wed 9 Jan 21:32 GMT
The struggling retailer already ceased operations at more than 140 locations over the past two years.
J.C. Penney said on Tuesday it plans to close three more stores by spring, on the heels of its announcement that its sales fell during the critical holiday shopping season.
It’s unclear where the store locations are, although it’s expected to include more details when it reports its full fourth-quarter results on Feb. 28.
The move comes several months after J.C. Penney tapped Jill Soltau, the former president of JOANN STORES, as its new CEO.
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Over the past two years, J.C. Penney has struggled with lagging sales -- largely a result of the rise in e-commerce behemoth Amazon -- eventually closing 140 stores across the country.
In 2018, store closures increased 33 percent to more than 12,000 locations.