Department store JC Penney will be closing 140 stores, which will cost around 6000 people their jobs.
The move, described as a cost cutting measure, will save the company roughly 200 million dollars in the next calendar year.
The continues a trend for big department stores, as last year, Macy's announced that they would close 100 stores with thousands of people losing their jobs.
All of this information comes AdAge, and it is interesting to note that these two staples of the department store world are admitting partial defeat and closing so many stores worldwide. The main cause of the rapidly declining business is online shopping, as people are finding it way easier to just pull out a laptop or phone and order what they need, rather than driving to a store and picking it up.
Macy's and JC Penney have seen a rapid spike in online shipped orders over the last five years, and it would not be surprising to see several more stores physical locations and have their interest pivot to beefing up their online store.
Even with the closing, the stock prices for JC Penney went up a few points, further showing the point that the online sales continue to drive business.
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