JC Penney to close stores

first_imgDALLAS — J.C. Penney announced on Friday its biggest number of stores closings in recent history and indicated the decision will result in it exiting some markets.Penney said it will close 130 to 140 stores over the next few months. That represents about 13 percent of its 1,014 stores, but Penney said the stores generate less than 5 percent of total annual sales and are unprofitable.A full list of planned store closings will be released in mid-March after stores have been notified. Most of the stores are expected to close in the second quarter, or by the end of July.J.C. Penney has two stores in Vancouver, at the Vancouver Mall and on 192nd Avenue and Mill Plain Boulevard, and two more in the Portland area, at Clackamas Town Center and at Washington Square.The company estimated the decision will result in an annual cost savings of $200 million. However, it will result in the company taking later this year a pre-tax charge of about $225 million to cover lease terminations, non-cash asset impairments and transition costs.last_img

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