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JCPenney’s New CEO Announces First Round of Store Closures

JCPenney store fleet
Photo Credit: Nicholas Eckhart via Flickr cc

New JCPenney CEO Jill Soltau is working on making a broad evaluation of the footprint of the struggling retailer, and she is starting by closing three stores this spring. The company said it may announce more store closings next month. The company says it will generate free cash flow in this fiscal year, which is still fiscal year 2018 for them. The company also vows to reduce its overinflated inventory.

This marks one of the first public moves by Soltau, who took the helm in October. The decision to close underperforming stores doesn’t come as a surprise, since she promised “quick action” in November for a company looking for a turnaround.

Read more at Chicago Tribune.