J.C. Penney Co. will close 40 stores over the next year, CNBC reports.
The closures represent nearly 4% of the company’s 1,060 stores.
“As with most retailers, we continually evaluate our store portfolio to determine whether there’s a need to close or relocate underperforming stores,” company spokesman Joey Thomas told Masslive.com. “Reviews such as these are essential in meeting our long-term goals for future company growth. While it’s never an easy decision to close stores, especially due to the impact on our valued associates and customers, we feel this is a necessary business decision.”
The company’s stock was down 2% early Wednesday.
Here’s a list of the stores that are closing:
Belus Capital Advisors analyst Brian Sozzi says he expects more retailers to announce store closures in the coming weeks, including Macy’s, Abercrombie, Aeropostale, Target, and Wal-Mart.
“You will hear more, big-time store closure announcements within the next month,” he wrote in an email.
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