By Sruthi Ramakrishnan

(Reuters) – Department store operator J.C. Penney Co Inc (JCP.N) reported a bigger-than-expected drop in same-store sales for the holiday quarter citing weak demand and competition from online retailers, sending shares down to more than a year low.

The company on Friday also said it would shutter 130-140 underperforming stores over the next few months to focus on more profitable ones.

Penney’s results underscored the brick-and-mortar retail industry’s struggles to overcome a drop in traffic in malls and a shift toward online shopping.

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