JCP to Close 40 Stores

J. C. Penney will shutter 40 stores over the next 12 months, which represent about 4 percent of the company's 1,060 total store count.

Most of the locations slated for closing are located throughout the Midwest and East Coast.

The retailer announced the move despite better-than-expected results for the critical holiday shopping season, reporting preliminary 3.7 percent year-over-year comp store sales growth for the nine-week period in November and December. 

"Our highest priority over the last year has been to restore profitable sales growth at JCPenney. This holiday season was instrumental in that effort - and our teams delivered," says CEO Myron E. (Mike) Ullman, III.
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