Department store giant J.C. Penney is planning to close 130 to 140 stores and two distribution centers.
J.C. Penney told investors Friday that it would shutter the locations over the next few months, Fortune reports. The figures represent about 13-14% of J.C. Penney’s total store count.
“We believe closing stores will allow us to adjust our business to effectively compete against the growth threat of online retailers,” CEO Marvin Ellison said, according to CNBC.
The list of stores affected will be released in March.
Shares of J.C. Penney have fallen 1.9% in pre-market trading Friday.