JC Penney is Closing Up to 140 Stores

According to a report from JC Penney, plans for 2017 include closing between 130 and 140 store locations and closing two distribution centers.

In order to reduce the impact on workers, the company was instituting an early retirement program for roughly 6,000 employees. The report also stated that associates who will be impacted by the store and distribution center closures will receive separation benefits, which includes assistance identifying other employment opportunities and outplacement services such as resume writing and interview preparation.

JC Penney states, "The annual cost savings resulting from these strategic decisions, primarily occupancy, payroll, home office support, corporate administration and other store-related expenses, are estimated at approximately $200 million."

The company plans to release in mid-March a full list of the planned closures pending notification of all affected personnel. Closing of the affected stores will take place in the second quarter of 2017.