JC Penney Set to Close 140 Stores
CNN/Stylemagazine.com Newswire | 3/3/2017, 12:39 p.m.
JCPenney plans to shutter as many as 140 stores in the coming months, the latest traditional retailer to announce closings. The department store chain did not disclose how many jobs would be cut, but it said it is also offering early retirement to 6,000 full-time employees. Because it will hire to fill those buyout positions, the company said it expects a net increase in hiring, even counting the job cuts from closed stores. The closings should take place by the end of June. The locations will be revealed by mid-March. JCPenney (JCP) will also close two distribution centers. It had 105,000 employees manning 1,021 stores as of a year ago.