J.C. Penney says it will be closing anywhere from 130 to 140 stores as well as two distribution centers over the next several months as it aims to improve profitability in the era of online shopping.
The closures, announced Friday, represent about 13 percent to 14 percent of the company’s current store count, and less than 5 percent of total annual sales.
The news came as Penney posted a profit in the fourth-quarter compared to a loss a year ago.
The company posted quarterly sales of $3.96 billion, down 0.9 percent from $3.99 billion a year ago.
Revenue at stores opened at least a year was down 0.7 percent.
J.C. Penney is joining other department stores like Macy’s who are shrinking its footprint amid challenges in the industry.
The list of stores that will be closed has not yet been released.
J.C. Penney closing 130-140 stores, two distribution centers
On line shopping cutting into profits? I think not. Much more likely is their bone-headed voyage into transgender love fest and the resulting backlash.
Except for groceries and immediate need all my shopping is done online.
1. saves time and transportation costs.
2. comfort at hope shopping fast and easy.
3. Often no shipping costs and no sales taxes.
4. better prices all around.
5. great choices.
I can not afford to buy locally my budget is too tight. The farmers market is the best I can do.
This is how I was raised:
Use it up
Wear it out
Make it do or
do without
My parents went through many wars including WW1 and the depression. We only knew “ONE” one car, 1 bathroom, 1 radio/TV, one salary and one mother and dad.
I would not have traded it for anything, we were happy and a very loving close family and still is but the next generation.
Amen Sue. carry on sister. 🙂