JCPenney, which recently reentered the major appliance business in a big way, will close upwards of 140 of its roughly 1,000 stores and offer buyouts to 6,000 employees in an effort to trim its “too large” real estate footprint, CEO Marvin Ellison said.
“J.C. Penney (JCP) plans to close 130 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 locations and introduce new goods and services aimed at the shifting preferences of its customer base.”
