J.C. Penney in the Jasper Manor Shopping Center is one of 138 stores that will close this year, the J.C. Penney Company announced this morning.
J.C. Penney said Friday that the chain will close its small store in Rio Grande Plaza in Middle Township as part of a round of closings across the country, but Penney's major department store at the Hamilton Mall will stay open.
Approximately 5,000 employees will be affected by the closures, which span 41 states. JC Penney is in the process of identifying relocation opportunities within the company for leaders, according to the company. For those who will not be relocated, the company said they will provide outplacement support services "for eligible associates".
J.C. Penney has released a list of store closures over the next few months in hope of saving roughly $200 million annually.
According to a list released Friday afternoon, 138 stores will close across the nation this year, six in N.C. including Albemarle, Boone, Gastonia, Hendersonville. "Closing a store is never an easy decision, especially given the local impact on valued employees and our most loyal shoppers", Ellison said.
The apparel and home furnishings department store originally announced its intention to close the stores in February. "This situation is not endemic to Auburn but reflects the new realities of retail and the struggles tenants face competing with online shopping and the evolution of customer needs and tastes". Between the companies' four biggest chains, which include Sears' Kmart brand, more than 300 big-box stores will go dark this year alone. Stores in Sioux Falls, Rapid City and Brookings were not on the list of closures.
Now, we know which locations are closing.
The liquidation process is expected to begin on April 17th. That's in addition to the previously announced closure of the distribution facility in Lakeland.
The closing stores represent about 13 to 14 percent of the company's portfolio, and less than 5 percent of annual sales. Once cycled, these closures are expected to be net income neutral.