JCPenney Closing Over 100 Stores

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Mega department store chain, JCPenney will be shutting down nearly 140 stores in the coming months.

The closings are expected to take place this coming June, though locations to be shut down will be identified by March. Two distribution centers will also be terminated, which will result in the chain taking a $225 million hit to its earnings, overall.

In total, JCPenney had 105,000 employees working in 1,021 stores across the nation in 2016. There has been no determination as to how many jobs will face the chopping block, but the department store’s representatives told CNN that 6,000 full-time employees will be offered early retirement.

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JCPenney is following in a dangerous trend that many department stores have been facing. In the past few months, both Sears and K-Mart announced plans to terminate around 150 stores, while businesses such as The Limited, Sports Authority, and American Apparel have been shut down completely through filings of bankruptcy.

This trend appears to be the effect of an expansion of online-based shopping, considering internet conglomerate Amazon is expected to hire 100,000 U.S. workers this year alone.

H/T: Money.CNN

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