The closures represent 13% to 14% of the department store operator's current store count, and less than 5% of total annual sales. Like other department stores, J.C. Penney is trying to adjust to changing shopping patterns and is joining other department stores like Macy's in shrinking their store footprint. Penney managed to outperform some of its department store rivals, which released results this week. But at the Nordstrom brand, comparable store sales decreased 2.7%. For the fiscal fourth quarter, J.C. Penney reported net income of $192 million, or 61 cents per share.

Source: Los Angeles Times February 24, 2017 14:44 UTC