JCPenney plans to close 27 stores as sales sink

• JCPenney plans to close 27 stores this year.
• The closures include 18 full-line department stores and nine home and furniture stores.
• The company said Thursday that same-store sales fell 4% during the holiday quarter.

JCPenney said Thursday that it plans to close 27 stores this year.

The closings include 18 full-line department stores and nine home and furniture stores. The company announced the closures as it revealed a 4% decline in same-store sales during the critical holiday quarter.

"The stores identified for closure either require significant capital, are minimally cash flow positive today relative to the company's overall consolidated average or represent a real estate monetization opportunity," the company said.

Employees impacted by the closings will receive "separation benefits" including assistance finding another job, such as resume writing, the company said.

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