Dunkirk JCPenney to close
- Author: Eleanor Harrison Mar 20, 2017,
Mar 20, 2017, 0:27
There is one West Virginia store closing (Martinsburg), and seven in Pennsylvania.
Approximately 5,000 positions nationwide will be impacted by the store closures, most of which will occur in June.
J.C. Penney is far from the only department store icon to announce closures as more people opt for fast fashion retailers or cyber shopping over mall walking. Seven locations in MI - including stores in the Upper Peninsula communities of Sault Ste.
The store nearest the Upper Ohio Valley on the list slated to close is at the New Towne Mall in New Philadelphia, Ohio.
"In 2016, we achieved our $1 billion (Earnings Before Interest, Taxes, Depreciation and Amortization) target and delivered a net profit for the first time since 2010; however, we believe we must take aggressive action to better align our retail operations for sustainable growth", said Marvin R. Ellison, chairman and CEO of J.C. Penney in the February 24 news release that originally announced the store closures.
Friday's action underscores the growing impact online retailers are having on brick-and-mortor retailers across the country.
Cornett said the company plans to redevelop the mall into an "open air center". It plans to invest in its best stores and digital operations while whittling down $4.3 billion in long-term debt.
In addition to the 138 stores, J.C. Penney Company Inc. also will close one supply chain facility in Lakeland, Fla., and will relocate one supply chain facility in Buena Park, Calif.
JCPenney will provide outplacement support services for eligible associates who will be leaving the company, according to the retailer.