J.C. Penney Co Inc plans to trim its store count by 29 percent to about 604, as the U.S. department store chain looks to focus on those more profitable, a regulatory filing showed yesterday, two days after it filed for bankruptcy protection, Reuters reported. The stores to stay open accounted for 82 percent of the company’s fiscal 2019 sales, J.C. Penney said. Reuters on Friday reported that the company was planning to shutter roughly 200 stores. J.C. Penney, which is looking to cut costs to remain afloat, plans to reorganize and emerge from bankruptcy proceedings after eliminating several billion dollars of debt. It will also explore a sale as part of the terms of its $900 million of debtor-in-possession financing.
