Macy's and JCPenney Are Closing Stores
finance Wochit Business
Retailers JCPenney and Macy's have started off the new year with store closings. Business Insider reports that the two department-store chains are looking to trim down on expensive real estate to cut costs and boost growth. These closings follow embattled retailer Sears who also announced more than 260 store closings since it filed for bankruptcy in October.These department-store chains have come under pressure as spending increasingly shifts online and foot traffic to stores slows.