JCPenney will likely close more stores in addition to the 27 it identified for closure earlier this year, according to Moody's analysts.
"We anticipate JCPenney will continue to rationalize its store base as it works to improve store productivity," Moody's vice president Christina Boni said in a recent note to clients. "Even after announced store closings, the company will have a larger footprint than many of its competitors, while sales per square foot are well below those of peers.". . . more