by Bob Walsh
J. C. Penny company announced Friday that it was closing about 13-14% of it's stores in the near future. These stores (about 130 to 140) represent less than 4% of the net for J. C. Penny. It is also closing down 2 distribution centers and offering early retirement to a significant number of workers.
They are also shifting some of their focus, among other things Penny's is now selling major appliances again, an area they got out of some time back. They are also expanding their in-store beauty parlor operations.
The brick-and-mortar retail operation is rough, and getting rougher all the time.
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