JCPenney is closing stores. AP JCPenney recently announced that it would close 130 to 140 stores in the next couple of months because of slowing traffic and sales.

The department-store chain hasn't yet released a list of which stores it will close, but Morningstar Credit Ratings has identified 39 stores most at risk of closing, based on the stores' sales data.

The stores that made the list have weaker sales per square foot than JCPenney's average.

According to JCPenney, the stores most at risk of closing either require a significant capital investment or have below-average sales.

Here's the list of stores most at risk of closing, according to Morningstar Credit Ratings: