J.C. Penney To Close 130 To 140 Stores

J.C. Penney says it will be closing anywhere from 130 to 140 stores as well as two distribution centers over the next several months as it aims to improve profitability in the era of online shopping.
   
The closures, announced Friday, represent about 13 percent to 14 percent of the company's current store count, and less than 5 percent of total annual sales.

No word on if any of those stores are in the Tulsa area or elsewhere across Oklahoma.
   
The news came as Penney posted a profit in the fourth-quarter compared to a loss a year ago.
   
The company posted quarterly sales of $3.96 billion, down 0.9 percent from $3.99 billion a year ago.  Revenue at stores opened at least a year was down 0.7 percent.

J.C. Penney's CEO Marvin Ellison says closing stores is now an easy decision.

“I have a deep appreciation and respect for our associates who are on the front lines working tirelessly to serve our customers every day. Closing a store is

never an easy decision, especially given the local impact on valued employees and our most loyal shoppers,” said Ellison.

“While any actions that reduce or exclude our presence in communities across the country is always difficult, it is essential that J.C. Penney continues to

evolve in order to achieve long-term growth and profitability and deliver on shareholder value.”

J.C. Penney is joining other department stores like Macy's who are shrinking its footprint amid challenges in the industry.

In January, Macy's announced it was closing its store at Tulsa's Promenade Mall.

1/4/2017 Related Story: Macy's At Tulsa Promenade Mall To Close

The Associated Press contributed to this report.