JC Penney is the latest retailer to announce it will be closing stores this year. The struggling department store will shutter 140 stores by the end of June. The company is offering early retirement to 6,000 full-time employees. Two distribution centers will also be closed.
“Consumer behavior is continuing to shift and it is making it more and more difficult for companies to compete for the market share of consumers,” said Eric Moriarty, vice-president of B-Stock Solutions. “These trends that are occurring, are putting stress on these companies and if they haven’t proactively or strategically dealt with the issues, inventory is backing up.”