Business/Finance
See other Business/Finance ArticlesTitle: JC Penny Closing Up To 140 Stores
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URL Source: http://redstatewatcher.com/article.asp?id=64896
Published: Feb 24, 2017
Author: aa
Post Date: 2017-02-24 10:31:54 by HAPPY2BME-4UM
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Views: 83
USA Today reported: J.C. Penney (JCP) plans to close up to 140 stores and offer buyouts to 6,000 workers as the department-store industry sags in competition with online sellers and nimble niche retailers.
The company said Friday that it would shutter 13% to 14% of its stores, representing about 5% of its annual sales, and two distribution centers. The cuts come amid mounting challenges for once-stalwart department-store chains such as Macy's and Sears, which are aggressively closing stores and shedding costs as shoppers flock to alternatives.
Penney expects to save $200 million in annual costs in connection with the plan but will record an initial pre-tax charge of $225 million to cover the closure costs.
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