J. C. Penney to shut up to 140 US stores

J. C. Penney to shut up to 140 US stores

US department store chain J.C. Penney says it will be closing anywhere from 130 to 140 stores as well as two distribution centres over the next several months as it aims to improve profitability in the era of online shopping. The closures, announced on Friday, represent about 13 per cent to 14 per cent of the company's current store count, and less than 5 per cent of total annual sales. The news…

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New Zealand Markets

Company Finances

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