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Report: J.C. Penney to shutter 8 stores, cut 480 jobs

J.C. Penney Co. Inc. will close eight of its department stores by May, resulting in a loss of 480 jobs, CNBC reported Feb. 15.

J.C. Penney later confirmed the store closings and the layoffs to S&P Global Market Intelligence.

The department store chain operates about 875 locations in the United States and Puerto Rico, according to the company's website. J.C. Penney closed about 140 stores in 2017, CNBC reported.

CNBC reported that the closing stores are in St. Louis; Paramus, N.J.; Galesburg, Ill.; Alexandria, Minn.; Bartlesville, Okla.; Burlington, Wash.; Calexico, Calif.; and Mount Vernon, Ohio.

"We continually evaluate our store portfolio to ensure our locations offer the best expression of the J.C. Penney brand and can function as a seamless extension of our omnichannel experience," a company spokesperson told S&P Global Market Intelligence in an email. "During this review, the decision was made to close eight stores across the country."

J.C. Penney will also shutter one of its distribution centers in Wauwatosa, Wis., slashing 670 jobs, BizJournals reported Feb. 13.

The company will report fiscal fourth-quarter earnings March 2.