I’ve looked through J.C. Penney’s finan­cials, and they’ve had the same number of stores – 1,100 – for the last five years,” said Bruce Clark, a pro­fessor of mar­keting at North­eastern Uni­ver­sity’s D’Amore-McKim School of Busi­ness.

Some of them are really old and really sad. I’m having a hard time believing all these stores are valuable.”

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