JCPenney Store Closings 2017: See the Full List

Advertisement

J C Penney Company Inc (NYSE:JCP) announced a series of JCPenney store closings that will leave thousands of its employees without a job.

JCPenney Store Closings

The retailer’s struggles have been numerous for several years now, and the company recently revealed that it was shutting down 140 stores. Now, it has unveiled a new round of layoffs that will result in 140 stores closing down.

The move is part of a larger movement that has seen numerous department stores for several companies shut down as they are failing to keep up with the output and demand of e-commerce retailers.

“We believe closing stores will allow us to adjust our business to effectively compete against the growing threat of online retailers,” JCPenney CEO Marvin Ellison said in a statement back in February.

These closures will happen soon as liquidations will begin April 17. JCPenney added that 5,000 jobs will be affected by the closures, and part of the way in which it is making this happen is by offering 6,000 workers an opportunity to retire early with a package they can take or reject.

Eligible employers will have until March 31 to decide whether or not they will accept the package.

The company’s debt will be reduced by $4.3 billion in the long term, sources close to the matter claim.

JCP stock fell 1.4% Friday.


Article printed from InvestorPlace Media, https://investorplace.com/2017/03/jcpenney-store-closings/.

©2024 InvestorPlace Media, LLC