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J.C. Penney holiday quarter sales drop, to shut 130-140 stores

J.C. Penney Co. Inc. reported a larger than expected drop in same-store sales for the holiday quarter. Shares responded by dropping below the 52 week low. The company is citing weak demand and competition from online retailers for the poor performance.
J.C. Penney plans to close 130-140 underperforming stores over the next few months in order to focus on more profitable ones. The company expects annual savings of about $200 million from the cost cuts, but would incur a pre-tax charge of about $225 million in the first half of the current year.
To offset the losses from the changing market landscape, retailers have been more focused on cutting costs and cashing in on real estate assets. Macy’s also plans on closing 68 stores and looking into leasing space within its stores to other companies. Kohl's Corp. and Nordstrom Inc. managed to keep a grasp on their margins by stocking less and reining back on promotions.

Source: USA TodayMoney.CNNReuters

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