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J.C. Penney Co. will close 40 stores over the next year, the company announced Thursday. The closures represent nearly 4% of J.C. Penney's 1,060 stores.
So that takes no assets off their balance sheets (it would in the case of a lease in a good mall and with several years to go) and allows Penney to gradually shrink its footprint as needed without paying penalties. (Barnes & Noble BKS has been closing stores as leases come due to shrink its fleet with little pain. The inability to close leased stores was one of the big factors that led Borders to file for bankruptcy protection a few years ago.). Here is a list of the stores Penney will close in 2015.