"Just one week after Macy's (NYSE:M) and Sears (SHLD) detailed the upcoming closures of a combined 218 stores , Cowen and Company analyst Oliver Chen said that Penney's could ultimately chop its count by some 30 percent. Such a move would leave the chain with roughly 700 locations, and free up cash to invest in its best stores."
30% is around 300 stores - wowie