Chico’s Announces 120 Store Closures

Chico’s FAS Inc. (Fort Myers, Fla.) said it plans to close 120 stores by the end of 2017, including 35 in its newly started fiscal year.

The women’s specialty retailer also has cut 240 positions — about 12 percent of its headquarter and field management posts — as it looks to shore up its finances, according to The Wall Street Journal.

The company also announced that ceo Kent Kleeberger has resigned and plans to leave the company next month, reports the Journal.