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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.
Macyâs said Thursday it will also close 14 department stores but open two new locations, resulting in annual savings of roughly $140 million and they plan to reinvest those savings into their business. Most of the J.C. Penney Co. stores, located in malls around the country, will close by April 4. The Plano, Texas, company currently runs about 1,060 stores. All employees at closing J.C. Penney Co. stores will receive career training class, including help writing resumes and filling out applications. The company says that some are eligible to receive separation benefits.