JCPenney on Thursday said it planned to close 27 stores this year.
The closings include 18 full-line department stores and nine home and furniture stores. The company announced the closings as it revealed a 4% decline in same-store sales during the critical holiday quarter.
"The stores identified for closure either require significant capital, are minimally cash-flow positive today relative to the company's overall consolidated average, or represent a real-estate monetization opportunity," the company said.
Read more: 'Confusing' pricing and too much inventory: JCPenney CEO reveals the company's core problems
Employees affected by the closings will receive "separation benefits" including assistance finding another job, such as résumé writing, the company said.
A JCPenney representative said the company doesn't plan to release a list of the stores slated for closure.
