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JCPenney Announces Latest Round of Store Closures

J.C. Penney is about to close more stores come springtime.
After ceasing operations at more than 140 locations throughout the past two years, the department store chain announced plans to shutter the doors of three stores over the next few months as it undergoes a wider evaluation of its brick-and-mortar portfolio. The company operates about 850 stores across the country.
In a press release, J.C. Penney revealed a decline in same-store sales for the holiday shopping season, dropping 3.5 percent on an adjusted basis for the nine-week period ending Jan. 5. (Unshifted, comparable sales decreased 5.4 percent.)
It also reaffirmed earlier guidance to generate positive free cash flow in the 2018 fiscal year as well as proposed intentions to reduce inventory in excess of $225 million, or 8 percent.
The move comes shortly after Jill Soltau took the helm as chief executive officer in October, succeeding Marvin Ellison following his departure for Lowe’s in July. In the past year, the company shut down underperforming stores, deepened its focus on omnichannel offerings and added top-tier brands to its product mix.
J.C. Penney is not alone in its struggle. Although retail appeared to stage a comeback last year, it ended 2018 with record store closures by square footage

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Via:: https://footwearnews.com/2019/business/retail/jc-penney-stores-closing-2019-1202727998/