JCPenney (NYSE:JCP) Closing Stores, Adds to Board, Shares surge

The share price of JCPenney (NYSE:JCP) is soaring today on news the company is closing stores while adding adding two new board members.

Also announced was they're continuing with their strategy of exiting their catalog business. That will of course result in the closing of more call centers.

The market likes the streamlining of operations, which should result in increasing the profits for the retailer.

Added to the board of directors, bring the total members to 13, were Vornado Realty Trust Chairman Steven Roth and activist investor William Ackman .

Chairman and CEO Myron E. Ullman III said in a statement, "As we continue to position our company for the future, we determined that these steps are necessary to capitalize on the growth opportunities we see ahead while we ensure we are managing costs appropriately and continually enhancing the profitability of our operations."

JCPenney was trading at $32.63, gaining $2.29, or 7.55 percent, as of 12:23 PM EST.