Maybe it’s not that they’re not buying, maybe they’re just buying from Amazon.

The Great Restructuring in retail continues.

In the wake of a disappointing holiday season, J.C. Penney (JCP) said recently that it will close 138 stores stores by the second quarter. The store closures represent 13% to 14% of the company’s current store base and less than 5% of annual sales. They have a negligible impact on net income. J.C. Penney said same-store sales at the locations were “significantly below” the remaining store base and operate at a much higher expense rate due to poor productivity.

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