J.C. Penney (NYSE: JCP) has spent most of the past two years in defense mode. Comp sales growth has slowed to a crawl, and a combination of competitive pressures and inventory management missteps has pressured profitability despite the company's deep cost cuts.In response to these headwinds, J.C. Penney closed about 140 stores last year, and has shuttered about 200 stores since the beginning of 2015.