This week J.C Penney announced it will be closing down 130-140 under-performing stores across the nation. The company also plans to shut down two distribution centers over the next several months. The company says their reason for this is to improve profitability in the era of online shopping. Recently the company has been recovering from a reinvention plan under former CEO Ron Johnson that sent sales and profits into a free fall in 2012 and 2013. Coupled with low holiday sales and decreased brick-and-mortar and mall shopping, and the company decided the reduction in stores was necessary.
The company is aiming to be more competitive in the digital arena. Penney is arming its store associates with mobile devices to help check out online shoppers who are picking up orders in the store.
JC Penney to close down 140 stores
February 26, 2017
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