JC Penney is a famous store that has been around for years! The retailer has weathered tough times before, including during the Great Depression. However. The current online retail climate seems to be too much for them this time around.
"The department store chain Tuesday said it would be closing three locations by this spring, as it continues to evaluate its real estate. It didn't disclose the addresses of those three stores or how many additional stores it planned to close in 2019, but said it would offer more information in its next earnings report slated for Feb. 28," reported CNBC.
The chain currently has 860 locations across America. They have tried to adapt to the times and have changed a lot of their locations to include more products, such as home goods. However, sales remain in decline and stores have continued to close. Analysts are predicting this won't be the end of the closures either.
"J.C. Penney should close up to 125 more stores, according to Cowen and Co. analyst Oliver Chen, to get to a healthier fleet. He said he's been encouraged by stronger performance by the department store chain in jewelry and women's apparel of late, but J.C. Penney's home business hasn't been as strong," reported CNBC.
The company is doing their best to continue to be profitable in this tough online market. Their shares have fallen more than 66 percent over the past 12 months, bringing the company's market cap to under $400 million. The stock once traded as high as $87.18 on Feb. 21 2007, but Wednesday was around $1.30, according to the report.
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