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In an e-mail to clients on Thursday, Brian Sozzi of Belus Capital Advisors suggested that by the end of 2016,
J.C. PenneyJCP will have trimmed its store count to one thousand stores, down from the projected 1,022 stores to end 2015.
Sozzi
previously speculated back in October that J.C. Penney's announcement of store closures was imminent. The analyst also suggests that big-time store closure announcements from other retailers are also likely within the next month.
“You WILL hear more, big-time store closure announcements,” Sozzi wrote. “I expect buzzy, headline grabbing announcements from Macy's M, Abercrombie & Fitch ANF, Aeropsotale AEO, Target TGT (under 10 store closures), Wal-Mart WMT (one by me in Long Island was announced as closing by March).”
Sozzi also suggests that Best Buy's BBY store closure plans are a “wildcard” following discussions with the company's management which suggests the company is “comfortable” with its store base at current levels, but could see some closures (but not mass) nevertheless. The analyst also believes that the retailer will exit all of its international operations by the end of 2017.
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Posted In: NewsBelus Capital AdvisorsBrian SozziConsumer DiscretionaryDepartment StoresretailersStore Closures
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