JC Penney releases list of 138 stores targeted for closure
- by Kristina Cox
- in World Media
- — Mar 18, 2017
For the first time on Friday, J.C. Penney listed the 138 locations it will shutter in the coming months as the retailer seeks to cut costs and improve its profitability.
J.C. Penney this morning publicly announced plans to close 138 stores in smaller communities nationwide, including its store here in Hibbing.
The Midland store was remodeled in October 1976, and again in 1984, On Aug. 15, 1990, it was announced J.C. Penney would be one of four anchor stores at Midland Mall.
The liquidation process is expected to start April 17, with most of the closures completed in June, the release stated. "Additionally, JCPenney will provide outplacement support services for those eligible associates who will be leaving the company".
A list of which stores would close was made available Friday and lists the company's King of Prussia Mall, Willow Grove Park Mall and Philadelphia Mills locations.
JCPenney is working on relocation opportunities in the company for what its news release called "esteemed leaders".
Pennsylvania Real Estate Investment Trust (NYSE:PEI)
The Next Year EPS growth is 106.7%, Long term annual growth estimate of 1%, Annual EPS growth past 5 years of -22.54 percent. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company.
Leasing agent Mark Ansara told MiBiz he was surprised the approximately 50,000-square-foot Holland location was included on the list.
J C Penney Company Inc (NYSE:JCP) announced a series of JCPenney store closings that will leave thousands of its employees without a job.
The plan to shut down a long list of underperforming stores was originally announced February 24.
After 106 years in the same location, the Pendleton JC Penney will close this year.
The chain expects the closures to save about $200 million a year.
JC Penney opened in IN in 1980, a year after the mall opened with the three other anchor stores. They plan to use the closures as a way to reevaluate their business plan to more effectively reach customers, maintaining their commitment to brick and mortar stores.
