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Penney plans to open 250 new stores through 2011

Wed Apr 18, 2007 9:23am EDT

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ATLANTA, April 18 (Reuters) - Retailer J.C. Penney Co. Inc. (JCP.N) said on Wednesday that it plans to open 250 new stores over the next five years.

The Plano, Texas, retailer, which is holding an analysts' meeting, said it would open 50 stores a year annually from 2007 to 2011. It added that 80 percent to 90 percent of these new stores would be in the off-mall format.

The company also said it has entered into an agreement to open "a major store" in New York's Manhattan borough.

((Reporting by Karen Jacobs, editing by Gerald E. McCormick; Reuters Messaging: karen.jacobs.reuters.com@reuters.net; +1 404 493 3656)) Keywords: JCPENNEY NEWSTORE/

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