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JCPenney Closing 27 Stores

The company also hired Michelle Wlazlo from Target as executive vp, chief merchant officer

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Plano, Texas-based JCPenney announced plans to close 27 stores this year, which includes 18 full-line department stores and nine of its home and furniture stores.

"The stores identified for closure either require significant capital, are minimally cash flow positive today relative to the company's overall consolidated average or represent a real estate monetization opportunity," the company said, according to Business Insider.

The news came as the company announced that same-store sales declined 4 percent during the holiday quarter.

Additionally, the company announced separately that Michelle Wlazlo will be joining JCPenney from Minneapolis-based Target. In her new role, effective today, she will serve as executive vp, chief merchant, according to Home Textiles Today.

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