February 24, 2017
By AP
J. C. Penney said Friday (click here) it will be closing 130 to 140 stores as well as two distribution centers over the next several months as it aims to improve profitability in the era of online shopping.
The closures represent 13% to 14% of the department store operator's current store count, and less than 5% of total annual sales. The company said it also would initiate a voluntary early retirement program for about 6,000 eligible employees.
The company plans to release a full list of stores slated for closure in mid-March after notifying affected employees. Most locations will close in May. It also plans to sell its supply chain facility in Buena Park "in an effort to monetize a lucrative real estate asset."
The news came as the Plano, Texas-based chain posted a profit in the fourth-quarter compared with a loss a year ago. But total sales were down slightly, and a key revenue metric declined slightly as well....
Maybe JC Penny will be Trump's first bailout to his new economy.
Maybe JC Penny will be Trump's first bailout to his new economy.
