JC Penney to close 40 stores in 2015 taking jobs with them

JC Penney to close 40 stores in 2015

JC Penney said Thursday it will close about 40 stores over the next year.

The closures, which represent nearly 4 percent of the 1,060 JC Penney U.S. stores, will affect about 2,250 employees, according to spokesman Joey Thomas.

JC Penney stock was down 1.8 percent in morning trading Thursday.

Most locations will close on or about April 4, Thomas said.

Related Article: JC Penney soars, but too soon to call victory[p][/p]

“We continually evaluate our store portfolio to determine whether there’s a need to close or relocate underperforming stores,” Thomas said. “Reviews such as these are essential in meeting our long-term goals for future company growth.”

The announcement comes one day after the retailer said that its same-store sales rose 3.7 percent during the crux of the holiday season.

Analysts have been calling for JC Penney, along with other retailers that they consider to have too many locations, to downsize their store counts.

By shuttering underperforming stores, retailers are able to cut costs in an environment when more sales are taking place online.

Related Article: Clear message from retail earnings: Close stores[p][/p]

Just Wednesday, struggling teen company Wet Seal said it is closing 338 retail stores effective immediately. Last month, Sears announced that it would accelerate its store closing plan from 130 underperforming stores to 235.

Belus Capital Advisors analyst Brian Sozzi said these announcements would be far from the last.

“You will hear more, store closure announcements within the next month,” he wrote in an email.

Retailers typically announce pending store closings in January. Last year, JC Penney announced 33 closings during the month.

Thomas said that eligible employees who do not remain with the company will receive benefits and, when possible, assistance in finding a job at a nearby store. The retailer will also offer an on-site career training class.

SOURCE: CNBC
9 replies
  1. Made In America Movement
    Made In America Movement says:

    Penney stores facing closure:

    Georgia

    Dalton: Walnut Square Mall
    Duluth: Gwinnett Place Mall
    Lagrange: Lagrange Mall

    Iowa

    Mason City: Southbridge Mall
    West Burlington: Westland Mall
    Waterloo: Crossroads Shopping Center

    Illinois

    DeKalb: Northland Plaza
    Quincy: Quincy Mall

    Indiana

    Michigan City: Marquette Mall

    Massachusetts

    Hanover: Hanover Mall
    Taunton: Silver City Galleria

    Michigan

    Adrian: Adrian South Mall

    North Carolina

    Asheboro: Randolph Mall
    Elizabeth City: Southgate Mall
    Statesville: Signal Hill Mall
    Wilson: Parkwood Mall

    New Jersey

    Vineland: Cumberland Mall

    New York

    Kingston: Hudson Valley Mall

    Ohio

    Columbus: Eastland Mall
    Greenville: North Towne Plaza
    Springfield: Upper Valley Mall

    Oregon

    North Bend: Pony Village Mall

    Pennsylvania

    Chambersburg: Chambersburg Mall
    Hummels Wharf: Susquehanna Valley Mall
    Media: Granite Run Mall
    State College: Nittany Mall
    York: York Galleria

    Rhode Island

    Providence: Providence Place Mall

    South Carolina

    Aiken: Aiken Mall
    Murrells Inlet: Inlet Square Mall

    South Dakota

    Aberdeen: Lakewood Mall

    Texas

    Brenham: Market Square Mall

    Virginia

    Manassas: Manassas Mall
    Williamsburg: The Marquis

    Vermont

    Rutland: Diamond Run Mall
    St.Albans: St.Albans Shopping Center

    Wisconsin

    Oshkosh: Aviation Plaza
    Racine: Regency Mall

    Shawano, Shawano Plaza

    Reply
  2. Made In America Movement
    Made In America Movement says:

    Penney stores facing closure:

    Georgia

    Dalton: Walnut Square Mall
    Duluth: Gwinnett Place Mall
    Lagrange: Lagrange Mall

    Iowa

    Mason City: Southbridge Mall
    West Burlington: Westland Mall
    Waterloo: Crossroads Shopping Center

    Illinois

    DeKalb: Northland Plaza
    Quincy: Quincy Mall

    Indiana

    Michigan City: Marquette Mall

    Massachusetts

    Hanover: Hanover Mall
    Taunton: Silver City Galleria

    Michigan

    Adrian: Adrian South Mall

    North Carolina

    Asheboro: Randolph Mall
    Elizabeth City: Southgate Mall
    Statesville: Signal Hill Mall
    Wilson: Parkwood Mall

    New Jersey

    Vineland: Cumberland Mall

    New York

    Kingston: Hudson Valley Mall

    Ohio

    Columbus: Eastland Mall
    Greenville: North Towne Plaza
    Springfield: Upper Valley Mall

    Oregon

    North Bend: Pony Village Mall

    Pennsylvania

    Chambersburg: Chambersburg Mall
    Hummels Wharf: Susquehanna Valley Mall
    Media: Granite Run Mall
    State College: Nittany Mall
    York: York Galleria

    Rhode Island

    Providence: Providence Place Mall

    South Carolina

    Aiken: Aiken Mall
    Murrells Inlet: Inlet Square Mall

    South Dakota

    Aberdeen: Lakewood Mall

    Texas

    Brenham: Market Square Mall

    Virginia

    Manassas: Manassas Mall
    Williamsburg: The Marquis

    Vermont

    Rutland: Diamond Run Mall
    St.Albans: St.Albans Shopping Center

    Wisconsin

    Oshkosh: Aviation Plaza
    Racine: Regency Mall

    Shawano, Shawano Plaza

    Reply
  3. Made In America Movement
    Made In America Movement says:

    Penney stores facing closure:

    Georgia

    Dalton: Walnut Square Mall
    Duluth: Gwinnett Place Mall
    Lagrange: Lagrange Mall

    Iowa

    Mason City: Southbridge Mall
    West Burlington: Westland Mall
    Waterloo: Crossroads Shopping Center

    Illinois

    DeKalb: Northland Plaza
    Quincy: Quincy Mall

    Indiana

    Michigan City: Marquette Mall

    Massachusetts

    Hanover: Hanover Mall
    Taunton: Silver City Galleria

    Michigan

    Adrian: Adrian South Mall

    North Carolina

    Asheboro: Randolph Mall
    Elizabeth City: Southgate Mall
    Statesville: Signal Hill Mall
    Wilson: Parkwood Mall

    New Jersey

    Vineland: Cumberland Mall

    New York

    Kingston: Hudson Valley Mall

    Ohio

    Columbus: Eastland Mall
    Greenville: North Towne Plaza
    Springfield: Upper Valley Mall

    Oregon

    North Bend: Pony Village Mall

    Pennsylvania

    Chambersburg: Chambersburg Mall
    Hummels Wharf: Susquehanna Valley Mall
    Media: Granite Run Mall
    State College: Nittany Mall
    York: York Galleria

    Rhode Island

    Providence: Providence Place Mall

    South Carolina

    Aiken: Aiken Mall
    Murrells Inlet: Inlet Square Mall

    South Dakota

    Aberdeen: Lakewood Mall

    Texas

    Brenham: Market Square Mall

    Virginia

    Manassas: Manassas Mall
    Williamsburg: The Marquis

    Vermont

    Rutland: Diamond Run Mall
    St.Albans: St.Albans Shopping Center

    Wisconsin

    Oshkosh: Aviation Plaza
    Racine: Regency Mall

    Shawano, Shawano Plaza

    Reply
  4. Made In America Movement
    Made In America Movement says:

    Penney stores facing closure:

    Georgia

    Dalton: Walnut Square Mall
    Duluth: Gwinnett Place Mall
    Lagrange: Lagrange Mall

    Iowa

    Mason City: Southbridge Mall
    West Burlington: Westland Mall
    Waterloo: Crossroads Shopping Center

    Illinois

    DeKalb: Northland Plaza
    Quincy: Quincy Mall

    Indiana

    Michigan City: Marquette Mall

    Massachusetts

    Hanover: Hanover Mall
    Taunton: Silver City Galleria

    Michigan

    Adrian: Adrian South Mall

    North Carolina

    Asheboro: Randolph Mall
    Elizabeth City: Southgate Mall
    Statesville: Signal Hill Mall
    Wilson: Parkwood Mall

    New Jersey

    Vineland: Cumberland Mall

    New York

    Kingston: Hudson Valley Mall

    Ohio

    Columbus: Eastland Mall
    Greenville: North Towne Plaza
    Springfield: Upper Valley Mall

    Oregon

    North Bend: Pony Village Mall

    Pennsylvania

    Chambersburg: Chambersburg Mall
    Hummels Wharf: Susquehanna Valley Mall
    Media: Granite Run Mall
    State College: Nittany Mall
    York: York Galleria

    Rhode Island

    Providence: Providence Place Mall

    South Carolina

    Aiken: Aiken Mall
    Murrells Inlet: Inlet Square Mall

    South Dakota

    Aberdeen: Lakewood Mall

    Texas

    Brenham: Market Square Mall

    Virginia

    Manassas: Manassas Mall
    Williamsburg: The Marquis

    Vermont

    Rutland: Diamond Run Mall
    St.Albans: St.Albans Shopping Center

    Wisconsin

    Oshkosh: Aviation Plaza
    Racine: Regency Mall

    Shawano, Shawano Plaza

    Reply

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