2017 Store Closure Watch: List of JC Penney Stores Closing This Spring & Summer
PLANO, Tex. — JC Penney revealed in a press release Friday a list of 138 stores being shut down across the U.S. as part of the company’s ongoing cost-cutting measures. The retailer had previously announced last month that it would close more than 130 locations, leading up to 5,000 job cuts.
Liquidation of the stores will begin April 17 with stores expected to close in June. The company will offer transfer opportunities to some of its affected workers.
Despite posting positive net income for 2016, same-store sales and revenue fell below expectations. The mega-retailer reported net sales of $4 billion in Q4 2016 with its salon, fine jewelry, home and Sephora divisions being top performers.
“This year was not without its challenges, particularly in our women’s apparel business, but I am proud this team delivered on our goal to return our company to profitability in 2016,” J.C. Penney’s Chairman and CEO Marvin R. Ellison said last month while announcing the closure of the stores. “We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers.”
Through the store closures, the company expects to save about $200 million annually, as these were stores which contributed less than 5% of annual sales, according to a CNBC report. The retail plans to instead invest in its top-performing stores and digital operations.
JC Penney offered employees impacted by the store closures a voluntary early retirement program, based on their age and tenure and were given a deadline of March 31 to make their decision on the offer, continues the report through a company spokeswoman.
A list of the affected stores is featured below.0317_list_of_store_closures