JC Penney closing more than 100 stores

J.C. Penney announced Friday it plans to close 130 to 140 stores as well as two distribution centers by May.

It isn't just stores that JCP will be closing.

Herring said the official list of store closings will not be released for two or three weeks, but massive capital improvements at his store are a fairly good indication the company is not willing to let it go.

Richmond-area JCPenney stores include locations at Chesterfield Towne Center, Regency Square in western Henrico, White Oak Village in eastern Henrico, and Southpark Mall in Colonial Heights.

Penney's said it will provide roughly 6,000 employees with a "voluntary early retirement program" for workers of a certain age and tenure. They have until March 17 to accept the offer. Earnings per share were 64 cents per share in the fourth quarter; revenue was $3.96 billion and sales growth per store fell by 0.7 percent.

The goal is to boost the retailer's initiative to return to sustainable profitability.

"We are pleased that in the face of a very challenging 2016 retail environment we delivered our first positive net income since 2010".

Ellison said the closures will allow the company to raise brand standards as "beauty, home refresh and special sizes generated significant sales".

He noted that 75% of Penney's e-commerce orders touch a physical store in some way - including ship from store or in-store pickup for online orders. Ultimately both Brevard Macy's stores remained open.

J.C. Penney also has stores in Missoula, Bozeman, Helena, Kalispell, Great Falls and Sheridan, Wyo.

Last month, Sears announced it was closing its Uniontown Mall store in the spring, one of 150 stores that the retailer will close.

As many shoppers head to their computer, many traditional department stores are suffering from a drop in customers.

JCPenney closed January 28, 2017 at Madison Square Mall.

People exit from JCPenny store at Herald Square on November 25, 2016, in NY.

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