J.C. Penney has released the list of 138 stores it plans to close in an effort to cut costs and grow sales at its strongest locations.
The release comes a few weeks after Penney’s said it would close up to 140 stores this year, following similar decisions from Macy’s and Sears. Between the companies’ four biggest chains, which include Sears’ Kmart brand, more than 300 big-box stores will go dark this year alone.
The closures highlight the pressures on traditional department stores, which are losing market share to off-price competitors and Amazon. They also underscore the deteriorating economics at lower-quality shopping centers, whose risk of failure rises when an anchor tenant exits.