J.C. Penney Shoppers Are Going To Hate This News

Those who love shopping at J.C. Penney may be very disappointed to learn that the company will be cutting back on its store numbers.

J.C. Penney announced on Friday that it will be closing 130-140 stores plus the company’s two distribution centers in the next several months.

The company also announced that it would be initiating a voluntary early retirement program for around 6,000 eligible employees.

With more shopping shifting to online, department stores are having a harder time with their brick and mortar stores.

The chain delivered its fiscal Q4 results and brought in a net income of $192 million, or 61 cents per share. Earnings excluding one-time gains and costs was 64 cents per share, higher than what analysts expected at 61 cents according to FactSet.

Disclaimer: We have no position in J C Penney Company Inc. (NYSE: JCP) and have not been compensated for this article.