February 24, 2017

JC Penney joins list of downsizing chain stores

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.

No comments: