JC Penney releases list of 138 stores targeted for closure
- Author: Joanne Flowers Mar 19, 2017,
Mar 19, 2017, 16:46
The company on Friday listed for the first time the 138 locations it will shutter to cut costs and improve profitability.
J.C. Penney is far from the only department store icon to announce closures as more people opt for fast fashion retailers or cyber shopping over mall walking.
J.C. Penney has released the list of stores it will close as part of a major downsizing effort, and good news - both Brevard stores are in the clear.
The liquidation process is expected to start April 17, with most of the closures completed in June, the release stated.
The company had estimated that it would close 130 to 140 locations.
J.C. Penney will provide relocation opportunities for some employees.
The 51,500-square-foot JC Penney store at Elm Plaza opened September 5, 1984, according to Joseph Thomas, of JC Penney's corporate communications and public relations office in Plano, Texas.
"We believe closing stores will allow us to adjust our business to effectively compete against the growing threat of online retailers", CEO Marvin Ellison said in a statement last month.
J.C. Penney is joining its department store rivals in pruning its store numbers in an era of online shopping.
Sherry Renosky, manager at the Indiana Mall, said she truly didn't know if the store would close or not.
The total store closures represent around 13 percent of the current number of Penney's stores.
To offset employee displacement, the corporation is offering early retirement incentives to approximately 6,000 eligible associates.
By closing stores, the Texas-based company said it expects to save an estimated $200 million a year.
The Winona JC Penney store is on the list of JC Penney retail stores slated to be closed in the near future.
Outplacement services will be available for those workers not retained, the company said.