JCPenney to shutter 33 stores across America
JCPenney has had a rough go in recent years, and to put the cherry on top of their drama strewn through the headlines, the company has announced that they will be laying off over 2,000 employees and shutting down 33 stores that are underperforming, which the company said in a statement is necessary “in order to focus its resources on the Company’s highest potential growth opportunities.” The final closings are expected to be complete by early May, and existing inventory will be sold off.
The closed retail locations will save the company a reported $65 million, beginning in 2014, and JCPenney expects to incur estimated pre-tax charges of approximately $26 million in the Q4 of fiscal 2013 and approximately $17 million in future periods.
“As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly,” said Myron E. (Mike) Ullman, III, CEO of JCPenney. “While it’s always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success.”
Which stores will be closed?
There will still be over 1,000 retail locations in America, but below is the full list of which JCPenney stores will be closing for good:
- Alabama – Selma Mall in Selma
- California – Arrow Plaza in Rancho Cucamonga
- Colorado – Chapel Hills Mall in Colorado Springs
- Connecticut – Meriden Square in Meriden
- Florida – Lake Square Mall in Leesburg
- Florida – Gulf View Square in Port Richey
- Iowa – Muscatine Mall in Muscatine
- Illinois – Stratford Square Mall in Bloomingdale
- Illinois – Hickory Point Mall in Forsyth
- Indiana – Five Points Mall in Marion
- Indiana – Marketplace Shopping Center in Warsaw
- Maryland – The Centre at Salisbury in Salisbury
- Michigan – Westwood Plasa in Marquette
- Minnesota – Northland Mall in Worthington
- Mississippi – Singing River Mall in Gautier
- Mississippi – Natchez Mall in Natchez
- Montana – Butte Plaza Shopping Center in Butte
- Montana – The JCPenney Store in Cut Bank
- North Carolina – Vernon Park Mall in Kinston
- New Jersey – Burlington Center in Burlington
- New Jersey – Phillipsburg Mall in Phillipsburg
- Ohio – Wayne Towne Plaza in Wooster
- Pennsylvania – Exton Square Mall in Exton
- Pennsylvania – Laurel Mall in Hazelton
- Pennsylvania – Washington Mall in Washington
- Tennessee – Northgate Mall in Chattanooga
- Virginia – Bristol Mall in Bristol
- Virginia – Military Circle Mall in Norfolk
- Wisconsin – Forest Mall in Fond du Lac
- Wisconsin – Janesville Mall in Janesville
- Wisconsin – Lincoln Plaza Center in Rhinelander
- Wisconsin – Cedar Mall in Rice Lake
- Wisconsin – Wausau Mall in Wausau
