American department store J.C. Penney announced that it will close nearly 40 stores, beginning April 4, 2015. Below is the full list. 5 out of the 39 stores that will close are located in Pennsylvania.
Less than two years ago, the company rehired its CEO Myron Ullman despite his prior poor performance. The Huffington Post reports: “Because of its sales failures and poor balance sheet, Penney is considered by many to be teetering on the brink of bankruptcy. The stock market has ravaged the stock, pushing down shares by 60% over the last five years.”