J. C. Penney Closing 30 Percent of Stores

In another blow to the retail real estate industry, retailer JCPenney plans to pare back its store count by 30 percent, or 240 stores.

It will leave it with about 600 total stores.

The company, which operates seven stores and a distribution center in the Kansas City area, recently filed for bankruptcy, and part of its restructuring plan includes creating a REIT to divest of some of its real estate.

Read more at CBS News.