J.C. Penney to close up to 140 stores, chain has 7 stores in region

J.C. Penney announced on Friday it will be closing between 130-140 stores in the coming months.

The retail chain has a presence in the Dayton region with seven stores, including one at the Dayton Mall in Miami Twp., one at Fairfield Commons in Dayton and one at the Miami Valley Mall in Piqua, according to J.C. Penny’s website.

The store has not announced which stores will close.

» RELATED: 5 retailers closing Ohio stores in 2017

The company also has stores at Bridgewater Falls Shopping Center in Fairfield Twp., Governors Plaza in Cincinnati, at Eastgate Mall in Cincinnati and at Stone Creek Town Center in Colerain Twp..

J.C. Penny announced it would close two area stores in January 2015 including a store at the Upper Valley Mall in Springfield and another one in Greenville.

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"We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers," chief executive officer Marvin Ellisonsaid in a statement.

The company also announced it would launch a voluntary early retirement program for about 6,000 eligible employees. In addition to the retail stores, the company says it will also close two distribution facilities.

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J.C. Penney said it expected annual savings of about $200 million from the cost-cutting measures. A list of the stores to be closed will be released in March, the statement said, after the company notifies its employees. All the stores should be closed in the second quarter of 2017.

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