JC Penney to close 40 stores in 2015 taking jobs with them
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.
anyone know which stores in South Dakota will be effected?
Would. Nice to know which stores
Where's the list of those 40 stores?????????????
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
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
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
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
Tis a shame, was a good store to shop at, but lately not, way to expensive, have seen them sales, NOT, at all a sale, Sears have better sales now then the pennys stores.
They are closing because of an incredibly limited and over priced inventory. The end.