The 100-plus stores that J.C. Penney plans to close this year may not be its last.
Just two weeks after telling investors that the chain will exit as many as 140 locations this year, two Wall Street analysts say more closures may be ahead.
At a meeting with analysts in New York City on Thursday, Penney's management said it is testing in its smaller stores some of the initiatives that have been powering its sales in larger locations. Those tests include a smaller version of its Sephora beauty shop and home appliances.
If the tests are successful, Penney's should be able to keep more stores open, Cowen and Co. analyst Oliver Chen said. Otherwise, it may need to close additional stores in the future.