Another major retailer has announced plans to shut a number of its outlets. According to the Lansing State Journal, JCPenney has announced plans to shut 13 to 14 percent of its stores, or 130-140 stores.

JCPenney will reportedly offer buyouts to 6,000 of their employees. Company officials expect to announce which stores will close next month. Liquidation sales at those locations are expected to begin in the fiscal second-quarter.

JCPenney joins a laundry list of retailers to announce a good number of store closures. Macy's and Sears/KMart have plans to shed weight in the coming weeks. The Limited and Sports Authority have shuttered all of their doors. American Apparel is expected to follow suit in 2017.

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