J. C. Penney to shutter up to 140 stores

The J. C. Penney Co. today announced it will close 130-140 stores during the next few months.

The company also plans to start a voluntary early retirement program for 6,000 employees and close two distribution centers.

"We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers," CEO Marvin Ellison said in a statement.

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