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JCPenney To Close 130-140 Stores, Two Distribution Centers
Updated February 28, 2017 11:05 AM
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(UNDATED) - JCPenney says it's closing two distribution centers and between 130 to 140 stores during the next few months.

The U.S. retail chain plans to close as many as 140 brick-and-mortar locations after announcing disappointing results over the 2016 holiday season. Comparable sales for the fourth quarter ending Jan. 28 fell 0.7 percent, compared with a 4.1 percent increase in the prior period. Net sales slipped 0.6 percent to $12.5 billion on the year.

The retail chain says it will also start a voluntary early retirement program for about 6,000 eligible employees.

JCPenney says the stores being closed account for less than five-percent of the company's annual sales.

The company plans to release a full list of planned closures in mid-March pending notification of all affected personnel. Nearly all impacted stores are expected to close in the second quarter of 2017.



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