J.C. Penney could close more stores

United States
Published:  08 April, 2019

In February, the U.S. department store chain said that it planned to close 18 full-line department stores and nine home and furniture stores in 2019, bringing its total locations to roughly 840.

However, the retailer has refuted a report by U.S. rating agency Moody’s, when it said that another 100 stores located in shopping malls across the country could be closed. According to a Moody’s analyst, closing down further stores would not solve all the retailer’s problems; it needs to improve the productivity of the remaining stores by reducing their sizes and inventory. Reportedly, J.C. Penney has already committed t exploring new layout options.

On March 26, the retailer announced that Bill Wafford, “a highly accomplished retail executive” with over 25 years of broad finance experience, has been named Executive Vice President, Chief Financial Officer, effective April 8. 

Source: Business Insider