JCPenney Is Closing 40 Stores

JCPenney will close 40 stores over the next year, CNBC reports.

The closures represent nearly 4% of the company's 1,060 stores.

"As with most retailers, we continually evaluate our store portfolio to determine whether there's a need to close or relocate under performing stores," spokesman Joey Thomas told Masslive.com. "Reviews such as these are essential in meeting our long-term goals for future company growth. While it's never an easy decision to close stores, especially due to the impact on our valued associates and customers, we feel this is a necessary business decision."