Feb 24, 2017

J.C. Penney to close up to 140 stores

Gene J. Puskar/AP

J.C. Penney announced 4th-quarter earnings Friday, posting a higher-than-expected loss and announcing the closure of up to 140 stores. Shares in the department store are down more than 1% in pre-market trading.

Why it matters: Americans increasingly want to shop online, and retailers are taking the hint. E-commerce sales now account for more than 8% of all retail sales, double the rate in 2011. That number is even higher when you remove sales of items like gasoline that can't be bought online. Penney's is joining the dozens of other stores like Sears, Macy's and CVS in announcing store closures this year.

Go deeper

#MeToo gets Weinstein

A man carries out Weinstein's walker. Photo: Johannes Eisele/AFP/Getty Images

Hollywood titan Harvey Weinstein is now a convicted rapist, two years and four months after accusations against him helped ignite the #MeToo movement.

Why it matters: To date, #MeToo has resulted in hundreds of powerful men losing their jobs. Seven have been criminally convicted, with four others still facing charges.

JPMorgan Chase to pull support for some fossil fuels

Illustration: Sarah Grillo/Axios

JPMorgan Chase said Monday that it won’t directly finance new oil and gas development in the Arctic and will significantly curtail its financing of the extraction and burning of coal.

Why it matters: JPMorgan is the world’s largest funder of fossil-fuel companies, according to a report by the Rainforest Action Network (RAN). The announcement follows similar moves by other big banks and investment firms, including Goldman Sachs and BlackRock.