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Mar 04, 2017

Macys recently announced plans to cut 100 of its 675 full-line stores. Sears said it plans to close 150 stores, including 108 Kmart locations, leaving it with more than 1,300. It became

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apparent to us that our footprint was too large, Penney CEO Marvin Ellison told investors Friday, and the closures willallow us to raise the overall brand standard of J.C. Penney and invest in remaining stores. A list of Penney stores to close will be released in mid-March. Liquidation sales are expected to take place by the second quarter. The closures mark a departure from Penneys relatively steady store count over the last 15 years. The company had 1,021 stores as of Jan. 30, 2016, according to corporate documents, down from a high of 1,108 in 2009.

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