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J.C. Penney will close about 50 of its stores

PLANO (AP) J.C. Penney Co. Inc. will announce this week that it will close about 50 department stores as new management tries to repair the troubled retailer, officials said Tuesday. The Plano-based retailer also will announce it is shuttering an undisclosed number of Eckerd drugstores, a spokesman said. Penney has seen its market share slip for several years as it was outflanked by discounters and trendier retailers. Analysts say the company was slow to update its stores and suffered from poor marketing and stale merchandise.
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