JCPenney could close up to 30% of its stores, or roughly 300 of its more than 1,000 locations, within the next two years, according to a Cowen & Co. report.
The department store chain has largely avoided mass store closures in recent years, but the rise of ecommerce is now forcing the company to reassess its store base, Cowen & Co. analyst Oliver Chen told Business Insider following a meeting with JCPenney management.
“They are proactively evaluating everything,” Chen said.
He predicts that in the next one to two years, the company will close 100 to 300 of its 1,014 stores.
JCPenney CEO Marvin Ellison has publicly confirmed that the company is considering closures.
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