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A Penney Saved

Retailer says it will close 50 stores in an attempt to turn fortunes around

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23 years ago

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J.C.Penney Co. (Plano, Texas) has announced plans to close about 50 of its stores around the country this year, plus an undisclosed number of Eckerd Drug stores. It appears to be the first major move by the new Allen Questrom regime to reexamine and turn around the retail organization that has shown falling (and even minus) profits for five quarters in a row.

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