J.C. Penny Closing 140 Stores in 2017

Traditional mall anchor J.C. Penny announced today that it plans to close approximately 13 to 14 percent of its 1,000 stores, resulting in a downsizing of up to 140 locations in early 2017. Despite the closures, the company reported positively about net sales only declining 0.6 percent and store sales being flat overall for 2016.
“We are pleased that in the face of a very challenging 2016 retail environment we delivered our first positive net income since 2010,” said Chairman and CEO