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JCPenney to close up to 140 stores

jcpenneyNEW YORK (AP and Post) — JCPenney said 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 company did not identify if the St. Joseph location would be part of the closures. The company said it plans to release a full list of planned closures in mid-March pending notification of all affected personnel. Nearly all impacted stores are expected to close in May.

The news came as JCPenney 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.

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