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J.C. Penney will permanently close nearly 30% of its 846 stores as part of a restructuring under bankruptcy protection.
Shares of J.C. Penney surged after the ailing department store cut its quarterly losses in half and announced that it would begin selling used clothing to staunch fading sales.
J.C. Penney is closing more stores following weak holiday sales season for the retailer.
J.C. Penney delivered some encouraging news: It reported a solid rise in sales at established stores Friday, reversing four straight quarters of declines. It also posted a smaller-than-expected loss for the third quarter, all news that sent its shares soaring.
U-Haul International Inc. has purchased the old JC Penney building at University City Mall in Spokane Valley and will convert the space into storage units, company officials said.