J.C. Penney (JCP) announced on Jan. 24 that it is shuttering six unprofitable stores.
The department store did not disclose how many jobs would be impacted as a result of the closures, which will occur throughout the year.
"These six locations no longer meet the company's profitability threshold," J.C. Penney said in a statement.The company also said that it plans to wind down its catalog business, which includes a total of 19 catalog stores. The restructure will result in charges of about $30 million, or 8 cents a share, in the fourth quarter. J.C. Penney expects to save $25 million to $30 million, or 7 cents a share, in 2012.
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