Portland Press Herald - J.C. Penney on Friday said it plans to close between 130 and 140 stores in the next several months, a move that makes it the latest retail stalwart to pull back from the mall amid the rise of online shopping.
J.C. Penney’s decision to close stores comes as many industry
executives and analysts say that old-school chains are “overstored,”
meaning they have too many locations for the era of online shopping.
Macy’s is in the process of closing 100 stores and eliminating some
10,000 jobs. Sears said in January it would close 150 stores, some from
its namesake chain, and some from the Kmart chain.