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JCP - J.C. Penney: Limited Number Of Store Closures Is Not A Surprise
J.C. Penney Company Inc.
J.C. Penney's (JCP) decision to close only six stores in 2020 is not a surprise. Closing stores is not a viable path by itself to significantly improving profitability for a national retailer due to the largely fixed corporate and distribution network costs. As well, J.C. Penney needs most of its stores if it wants to deleverage enough via improved sales anyway.
J.C. Penney's path to survival depends on it being able to increase its comparable store sales by at least +3% over 2019 levels, along with continuing to improve its gross margins by