Feb 24 Department store operator J.C. Penney Co
Inc said on Friday it would close about 130-140 stores
over the next few months, and reported a 0.7 percent drop in
same-store sales for the holiday quarter.
The company will also initiate a voluntary early retirement
program for about 6,000 eligible employees and close two
The stores being closed represent about 13-14 percent of the
company's store base and account for less than 5 percent of
annual sales, the company said on Friday.
J.C. Penney's net sales fell 0.9 percent to $3.96 billion in
the fourth quarter ended Jan. 28, declining for the third time
(Reporting by Sruthi Ramakrishnan in Bengaluru,)