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US department store JC Penney saw its losses narrow at the end of the trading day following a report that it is postponing liquidation sales and planned closing date for 138 stores.
JC Penney’s shares were moving upwards on Thursday after CNBC reported the plan. Before the report, its shares were down 3.6 per cent before closing the gap to trade just 1.83 per cent off of their closing price on Wednesday. In after-hours trading, they tacked on an additional 0.5 per cent.
JC Penney had announced in February its plans to shutter between 130-140 stores in the coming months, among other cost-cutting measures. A JC Penney spokeswoman told CNBC that, after the closures were announced, traffic and sales picked up at those stores, leading it to push back its liquidation sale start date from April 17 to May 22, and delay its closure date by about six weeks until July 31.