BusinessThe Street•34 minutes ago26 Large Retailers Besides J.C. Penney Are Closing Waves of Stores
The Great Restructuring in retail continues. In the wake of a disappointing holiday season, J.C. Penney (JCP) said recently that it will close 138 stores stores by the end of the summer. The store closures represent 13% to 14% of the company's current store base and less than 5% of annual sales. They have a negligible impact on net income. J.C. Penney said same-store sales at the locations were "significantly below" the remaining store base and operate at a much higher expense rate due to poor productivity. The company expects $200 million in annual costs savings from the efforts. "We believe closing stores will also allow us to adjust our business to effectively compete against the growing
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FinanceAssociated Press•37 minutes agoMorgan Stanley posts 2Q profit
NEW YORK (AP) _ Morgan Stanley (MS) on Wednesday reported second-quarter earnings of $1.76 billion. The company, based in New York, said it had earnings of 87 cents per share. The results surpassed
