The Conservative Cave
Current Events => Economics => Topic started by: HAPPY2BME on February 24, 2017, 09:32:01 AM
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USA Today reported: 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.
Penney expects to save $200 million in annual costs in connection with the plan but will record an initial pre-tax charge of $225 million to cover the closure costs.
http://redstatewatcher.com/article.asp?id=64896