J.C. Penney plans three store closings in spring
Retailer J.C. Penney Co. Inc. said this week that it intends to reach a positive cash flow this year, but it also will initiate three store closings this spring and will evaluate whether to close more after that.
Those plans and hopes were unveiled as the company announced that its comparable store sales for the combined nine-week period ending Jan. 5 decreased 3.5 percent. The company reaffirmed its expectations to reduce inventory in excess of $225 million or 8 percent and expects to end the year with liquidity in excess of $2 billion.
Further information related to future store closings will be shared on Feb. 28 when the company reports its fourth quarter and fiscal 2018 results, it said. J.C. Penney has over 860 stores across the United States and Puerto Rico.