JCPenney Closing 33 Under-performing Stores In Spring
The start of 2014 has not been a good one for various big-named retail stores. For example, Target encountered various issues with their credit card information debacle. Now, popular clothing and home-goods department store JCPenney recently announced that they will be closing various locations of its stores around the United States.
According to CoStar.com, the popular chain JCPenney announced that they would be closing the doors to 33 under-performing stores around the country this upcoming spring. Unfortunately, with the retirement of these stores, this costs the jobs of 2,000 employees. The reason for these closures is to save money, and this is expected to save $65 million for the 2014 year.
What will happen with the merchandise at these stores? CoStar.com explains that the leftover inventory from these stores will continue to be sold until the stores’ final closings during May.
JCPenney’s CEO, Myron E. (Mike) Ullman, III, released the following statement pertaining to the closure of the 33 stores:
“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.”
According to a report from USA Today pertaining to the JCPenney closings, the chain has not has not closed a large number of its locations since 2000 and 2001.
A list of the 33 stores pending to close their doors (provided by ABC News) is supplied below.
Selma Mall in Selma, Ala.
Arrow Plaza in Rancho Cucamonga, Calif.
Chapel Hills Mall in Colorado Springs, Colo.
Meriden Square in Meriden, Conn.
Lake Square Mall in Leesburg, Fla.
Gulf View Square in Port Richey, Fla.
Muscatine Mall in Muscatine, Iowa
Stratford Square Mall in Bloomingdale, Ill.
Hickory Point Mall in Forsyth, Ill.
Five Points Mall in Marion, Ind.
Marketplace Shopping Center in Warsaw, Ind.
The Centre at Salisbury in Salisbury, Md.
Westwood Plaza in Marquette, Mich.
Northland Mall in Worthington, Minn.
Singing River Mall in Gautier, Miss.
Natchez Mall in Natchez, Miss.
Butte Plaza Shopping Center in Butte, Mont.
Cut Bank, Mont.
Vernon Park Mall in Kinston, N.C.
Burlington Center in Burlington, N.J.
Phillipsburg Mall in Phillipsburg, N.J.
Wayne Towne Plaza in Wooster, Ohio
Exton Square Mall in Exton, Pa.
Laurel Mall in Hazleton, Pa.
Washington Mall in Washington, Pa.
Northgate Mall in Chattanooga, Tenn.
Bristol Mall in Bristol, Va.
Military Circle Mall in Norfolk, Va.
Forest Mall in Fond Du Lac, Wis.
Janesville Mall in Janesville, Wis.
Lincoln Plaza Center in Rhinelander, Wis.
Cedar Mall in Rice Lake, Wis.
Wausau Mall in Wausau, Wis.
Is your JCPenney store closing? Various JCPenney shopping fans have taken to Twitter to vent their frustration.
JCPenney is closing 33 stores so now the closest one to me is all the way in 1979.
— Robin McCauley (@RobinMcCauley) January 17, 2014
damn JC Penney closing?!?! yet another American original goes under smfh they're won't be any left once Sears n them go
— Broadway Lo (@Lo_Namath) January 15, 2014
JC Penney closing 33 stores, lots of real estate space will be available now for medical clinics.
— Asieh Mansour (@AsiehMansourCRE) January 15, 2014
Image via Wikimedia Commons