The new year is less than a month old but already it has not been kind to shoppers in New Jersey as several major chains, including Sears, Macy's and The Limited, have announced closures.

Now, according to a report in the Dallas Business Journal, JCPenney could be looking to close some of its stores across the country as well. CEO Marvin Ellison said at a recent event that he believes the more than 1,000 stores nationwide are too many.

"I think that 1,014 stores for J.C. Penney is too many, because we haven't made the necessary investments in our store fleet the way we should."

Ellison said if there was a store that he would not want his family to work or shop at, then that could be a good target for closure. There is no word yet from the company about when the closures might happen, or how many might be part of lowering the total number of stores.

Despite the potential closings, the company announced on Monday that they are teaming up with Nike for shops within the brand at 600 stores. The Nike stores will be geared towards athletes and sports enthusiasts alike.

"Nike is immensely popular across all categories and with the rapid rise of activewear and athletic shoes, we want to have the best expression of Nike in any department store, said chief merchant John Tighe.

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