J.C. Penney (JCP) plans to close up to 140 stores and offer buyouts to 6,000 workers as the department-store industry sags in competition with online sellers and nimble niche retailers.
The company said Friday that it would shutter 13% to 14% of its stores, representing about 5% of its annual sales, and two distribution centers.
The cuts come amid mounting challenges for once-stalwart department-store chains such as Macy’s and Sears, which are aggressively closing stores and shedding costs as shoppers flock to alternatives.
