Retail News: JCPenney Closing Stores
JCPenney stores across the US are closing. JCPenney has announced the closure of 130-140 stores despite an uptick in earning for Q4 2017. In a press release, JCPenney positioned the move as a way to advance growth and profitability. “We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers,” said Marvin R. Ellison, chairman and chief executive officer of JC Penney in the press release.
JCPenney brick and mortar stores are not going away, but it’s clear that JCP wants to beef up it’s online presence. For this retail watcher, JC Penney lost their mojo when they discontinued some of their most popular brands and then had to bring back a few after consumer outcry. No word yet on the continuation of JCP brands like Eva Longoria Home and Nicole by Nicole Miller.
This is sad news for JCP employees although JCPenney promises they will receive separation benefits and some 6,000 employees will be eligible for the Voluntary Early Retirement Program (VERP) according to JCP’s press announcement. Here’s wishing those employees well in finding other employment during these challenging times.
Look for clearance sales online and in stores as JCP stores close.