Two major retailers announced cutbacks and store closings yesterday. JCPenny and GAP say the closures are a result of dropping sales volumes. GAP will close 230 stores over the next two years, and JCPenny announced 18 full-line stores along with nine home and furniture locations will close this year. Both companies said the stores selected were performing below with sales and higher than normal expense compared to the companya s standard model. JCPenny said they will redistribute assets to other locations and employees will receive separation benefits. GAP said they will split not two distinct companies, each to trade as public stock entities. Old Navy will be one, and a new company, yet to be names\d will absorb other stores, GAP, Athleta, Banana Republic, Intermix and Hill City brands. Both major stores are located throughout the Sacramento area in well-known malls, but the releases did not name any specific local closing.