NEW YORK (AP) — J.C. Penney 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 today, represent about 13 to 14 percent of the company's current store count, and less than 5 percent of total annual sales.
The company said a list of affected stores will be released in March after the company notifies employees.
The news came as Penney posted a profit in the fourth-quarter compared to a loss a year ago.
J.C. Penney is joining other department stores like Macy's that are shrinking their footprint.