J.C. Penney to Close 140 Stores Across America

The brick and mortar industry is taking another huge hit. J.C. Penney has announced plans to close up to 140 stores over the next several months.

Although the chain has not announced any specific locations, they said that it would shutter 130-140 under-performing stores over the next few months

According to Reuters, the retail chain says it will offer buyouts to 6,000 workers as part of the closures.

J.C. Penney expects the closures to save the company about $200 million in annual costs.