CoStar, a commercial real estate database, indicates the property is used as a "hub for J.C. Penney's West Coast operations".
As of 12 p.m., JCPenney shares were down almost 9 percent, to $6.26. If you think you have heard this story before, it's because you have.
Customers ride the escalator at a JC Penney store in New York City. For the full year, the company broke even in 2016, compared with a loss of $1.68 per share in 2015. Since then, it has focused efforts on its home area, started selling major appliances again and expanded its number of in-store Sephora beauty shops.
J.C. Penney, with five stores in the Valley including one at Valle Vista Mall, announced Friday it will close between 130 and 140 stores this year.
The stores closing would represent about 14 percent of the company's stores and less than 5 percent of annual sales.
In order to avoid net layoffs, J.C. Penney said it will ask 6,000 of its employees at the stores, home office and supply chain if they would like to retire early.
Although J.C. Penney exceeded earnings expectations, at 64 cents a share as opposed to the expected 61 cents a share, same-store sales and revenue were lower than expected.
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The department store giant's latest quarterly results, also released Friday, illustrate its struggle to connect with shoppers: Sales were down 0.7 percent at stores open more than a year.
Gross margins also fell to 33.1% of sales in the period, below estimates for 34.3%. What is interesting about the drop in margins is that the company noted how its operating expenses fell by almost 25%. The closures will save the chain about $200 million.
A Wilmorite Senior Vice President, Dennis Wilmot, released a statement which said that based on their sales performance in the market, Wilmorite is hopeful that none of the three local J.C. Penney stores will be closed. Maybe flat is the new up. Adjusted earnings are expected between 40 cents and 65 cents a share, while analysts had been looking for 54 cents.
J C Penney Company Inc (NYSE:JCP) has announced that it is closing up to 140 stores in the near future.
The company did not provide a list of stores slated for closure.
Again, investors hate contraction.
The company is aiming to be more competitive in the digital arena. If a company is shrinking, all they can do is read Machiavelli and other cruel philosophy books on how to do better. Hilton Worldwide will buy back $1 billion of stocks.