J.C. Penney to Close Stores in 2016

Macy's rival at the other end of the mall wants to get a little smaller this year, too. J.C. Penney, which has roughly 1,060 stores in the U.S., will shutter seven locations in 2016 in a bid to more efficiently operate in an era of digital commerce and dense urban areas. According to the company, all seven of the stores earmarked for closure will be of the smaller size and they generally exist in older malls where traffic is sparse.