The sagging department store industry is taking another huge hit. J.C. Penney has announced plans to close up to 140 stores over the next several months.
The retail chain says it will offer buyouts to 6,000 workers as part of the closures. J.C. Penney, like Macy's and Sears, have struggled over the years due to the rising popularity of online sellers. J.C. Penney expects the closures to save the company about $200 million in annual costs. (Reuters)