wallstreetexaminer.com / by Anthony B. Sanders via Confounded Interest /
J.C. Penney announced Friday that it would close up to 140 stores in the next couple months.
Why? Persistent negative earnings is a tip-off.
That follows decisions by Macy’s and Sears to close a collective 218 stores in the first half of the year. Other mall-based stores including American Apparel, The Limited, Bebe, BCBG, and Payless have also recently announced that they are shutting down all or most of their stores.
JC Penney is another victim of the terrible recovery from The Great Recession (and Amazon/other online retailers). Just as wage earners suffered from the worst wage recovery in modern history.
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