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J.C. Penney Co. will close 40 stores over the next year, the company announced Thursday. The closures represent nearly 4% of J.C. Penney's 1,060 stores.
Seventy-four employees will be affected by the store closure. They will be eligible to receive severance have the opportunity to apply for open positions at area Sears and Kmart stores. It is the only Kmart closing in New Jersey. Store closures are part of a series of actions we're taking to reduce on-going expenses, adjust our asset base, and accelerate the transformation of our business model, said Howard Riefs, spokesman for Sears Holdings Corporation, which owns Kmart.