JCPenney to close up to 140 stores

Posted at 6:34 AM, Feb 24, 2017
and last updated 2017-02-24 13:39:13-05

JCPenney says it will be closing anywhere from 130 to 140 stores as well as two distribution centers over the next several months as it aims to improve profitability in the era of online shopping.

The closures, announced Friday, represent about 13 percent to 14 percent of the company's current store count, and less than 5 percent of total annual sales.

The news came as Penney posted a profit in the fourth-quarter compared to a loss a year ago.

The company posted quarterly sales of $3.96 billion, down 0.9 percent from $3.99 billion a year ago.

Revenue at stores opened at least a year was down 0.7 percent.

JCPenney is joining other department stores like Macy's who are shrinking its footprint amid challenges in the industry.

JCPenney told ABC15 they will release a list of locations closing in mid March. Those locations will close in May.