Following news of its holiday sales success and resulting 20 percent stock spike, J.C. Penney said Thursday that it will close roughly 40 stores this year.
The closures represent roughly 4 percent of the retailer’s 1,060 stores and are expected to affect an estimated 2,250 employees. According to company spokesperson Joey Thomas, most of the locations will close on or around April 4.
“We continually evaluate our store portfolio to determine whether there’s a need to close or relocate underperforming stores,” Thomas said. “Reviews such as these are essential in meeting our long-term goals for future company growth.”
As of publication time, the company’s shares were up 1.52% to $8.01.