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JCPenney to close 3 stores, reduce some inventory

Posted: 10:30 AM, Jan 09, 2019
Updated: 2019-01-09 13:30:52-05

Sales are down for JCPenney, and that's leading to store closures.

Three will be closed by spring as part of the company's ongoing evaluation of its performance, CNBC reports . It has not said which stores that will be.

More information will be given when JCPenney leaders report fourth-quarter earnings at the end of February.

The company's stock has lost more than 67 percent over the past year and recently traded below the $1 mark. Shares closed Tuesday at $1.21.

JCPenney's CEO is former Joanne Stores Chief Jill Soltau, who was named to the position in October 2018. She replaces CEO Marvin Ellison, who left for Lowe's in July 2018.

Analysts say JCPenney is struggling due to unsold inventory, which it plans to reduce in excess of $225 million (8 percent) in 2019, CNBC reports.