JCPenney plans to close 27 stores as sales sink
- JCPenney plans to close 27 stores this year.
- The closings include 18 full-line department stores and nine home and furniture stores.
- The company said Thursday that same-store sales fell 4% during the holiday quarter.
JCPenney on Thursday said it planned to close 27 stores this year.
The closings include 18 full-line department stores and nine home and furniture stores. The company announced the closings as it revealed a 4% decline in same-store sales during the critical holiday quarter.
"The stores identified for closure either require significant capital, are minimally cash-flow positive today relative to the company's overall consolidated average, or represent a real-estate monetization opportunity," the company said.
Employees affected by the closings will receive "separation benefits" including assistance finding another job, such as résumé writing, the company said.