JCPenney begins liquidation process in 137 stores

JCPenney is officially closing 137 locations across the U.S., with closing sales already underway.

These closures mark the first steps in JCPenney's store optimization strategy, which focuses on driving sustainable, profitable growth. The company intends to reduce its store footprint in favor of putting more resources on its strongest stores and powerful e-commerce site.

The retailer is offering in-store discounts of 25 to 40 percent off original prices in all of its closing locations. The sales will be available storewide, with all merchandise marked down.

“Due to the name recognition and goodwill of this brand, we encourage consumers to shop early to take advantage of the best selection of products as we expect merchandise to sell very quickly," a spokesperson said in a statement. "JCPenney store associates remain committed to providing customers with an engaging shopping experience, while offering even better deals on the most popular merchandise.”