by Burke Speaker | January 16, 2014 10:52 am
With 33 JCPenney stores closing by May 2014, customers are rethinking their ties to the classic American clothing retailer.
Chief Executive Myron Ullman said in a statement the move “addresses a strategic priority to improve the profitability of our stores.”
Though JCPenney did not release retail numbers for the holiday season, many believe the cuts come after lackluster performance — which shows that customers continue to move away from the clothing retailer.
READ: JCP Stock: JCPenney announced layoffs, store closings
Check out the full list of stores closing below:
Selma, Ala. — Selma Mall
Rancho Cucamonga, Calif. — Arrow Plaza
Colorado Springs — Chapel Hills Mall
Meriden, Conn. — Meriden Square
Leesburg, Fla. — Lake Square Mall
Port Richey, Fla. — Gulf View Square
Muscatine, Iowa — Muscatine Mall
Bloomingdale, Ill. — Stratford Square Mall
Forsyth, Ill. — Hickory Point Mall
Marion, Ind. — Five Points Mall
Warsaw, Ind. — Marketplace Shopping Center
Salisbury, Md. — The Centre at Salisbury
Marquette, Mich. — Westwood Plaza
Worthington, Minn. — Northland Mall
Gautier, Miss. — Singing River Mall
Natchez, Miss. — Natchez Mall
Butte, Mont. — Butte Plaza Shopping Center
Cut Bank, Mont.
Kinston, N.C. — Vernon Park Mall
Burlington, N.J. — Burlington Center
Phillipsburg, N.J. — Phillipsburg Mall
Wooster, Ohio — Wayne Towne Plaza
Exton, Pa. — Exton Square Mall
Hazleton, Pa. — LaurelMall
Washington, Pa. — Washington Mall
Chattanooga — Northgate Mall
Bristol, Va. — Bristol Mall
Norfolk, Va. — Military Circle Mall
Fond du Lac, Wis., Forest Mall
Janesville, Wis. — Janesville Mall
Rhinelander, Wis. — Lincoln Plaza Center
Rice Lake, Wis. — Cedar Mall
Wausau, Wis. — Wausau Mall
JCP is the second retailer to announce large cuts (via Reuters):
A Penney spokeswoman on Wednesday said two of the 33 stores were locations owned by the company, with the remainder being leased stores. Penney leases its stores at over half of its mall locations, according to an analysis last year by Green Street Advisors.
Stores closing include five in Wisconsin, where archrival Kohl’s Corp is dominant, three in Pennsylvania, and two in Florida. No stores in Penney’s home state of Texas are slated to close.
Last week, Macy’s (M) said it was eliminating 2,500 jobs.
For JCPenney, shuttering the underperforming stores may still not be enough of a game changer to turn the tide.
As the New York Times reports, “J. C. Penney has undergone considerable management and investment turmoil in the last few years. It fired one chief executive, Ron Johnson, and then brought back his predecessor, Myron E. Ullman III. It tried a new retail strategy, which alienated core customers, and reverted to its old strategy.”
JCP stock, meanwhile, has plummeted nearly 80% in the last two years.
It’s a reflection on what customers have been saying for years — the stores have been slow to move forward in terms of what consumers want.
Click here to read the JCPenney statement about the closings.
Source URL: http://investorplace.com/2014/01/jcpenney-stores-closing-jcp-stock/
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