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JC Penney May Shutter More Stores, Focus On Omnichannel
JC Penney closed seven stores in 2016 and sold its headquarters, but it looks like those cuts weren't enough as the firm floats the idea of shuttering more locations.
This week JC Penney CEO Marvin Ellison said the firm's current 1,014 store count is too high and the company is debating closing those stores that don't meet its “brand standard,” RetailDive reports. The announcement comes in the wake of JC Penney’s disappointing holiday results, where the company watched same-store sales fall 0.8% from last year’s levels.
Beyond simply closing stores, Ellison said JC Penney will to work closely with mall developers to bring all locations into the omnichannel age — a notion shared by most experts. [RD]
