JC Penney planning to close 27 more stores after disappointing holiday sales

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(2/28/2019) - JC Penney is planning to close 27 more stores this spring after a holiday shopping season that failed to meet expectations.

The Plano, Texas-based retailer announced the impending closures during its annual earnings report on Thursday. The 27 stores closing are in addition to three store closures announced late last year.

JC Penney is planning to close 18 full-line stores, along with nine home and furniture stores, according to a press release. All of them are expected to close between April and June.

The company did not release a list of which locations are slated to close. All of the stores have sales below other JC Penney locations and either need capital upgrades, don't make much profit or can be sold to make a profit.

Employees who lose their jobs will receive severance benefits and job searching assistance.

JC Penney reported sales were down 7.1 percent for 2018 to $11.6 billion and the company recorded a financial loss of $255 million for the year.