JC Penney to close 33 underperforming stores, 2,000 jobs will be eliminated
J. C. Penney Company, Inc. announced Wednesday that as part of its turnaround efforts, the Company will be closing 33 underperforming stores across the country in order to focus its resources on the Company’s highest potential growth opportunities, according to a company press release.
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The company says these actions are expected to result in an annual cost savings of approximately $65 million, beginning in 2014. In connection with this initiative, the Company expects to incur estimated pre-tax charges of approximately $26 million in the fourth quarter of fiscal 2013 and approximately $17 million in future periods.
Remaining inventory in the affected stores will be sold over the next several months, with final closings expected to be complete by early May. The closings will result in the elimination of approximately 2,000 positions. Eligible associates who do not remain with the Company will receive separation benefits packages.
The 33 stores represents a small portion of the retail ginats 1,100 stores nationawide.
Here is the list of stores being closed:
ALABAMA
Selma Mall (Selma)
CALIFORNIA
Arrow Plaza (Rancho Cucamonga)
COLORADO
Chapel Hills Mall (Colorado Springs)
CONNECTICUT
Meriden Square (Meriden)
FLORIDA
Lake Square Mall (Leesburg)
Gulf View Square (Port Richey)
IOWA
Muscatine Mall (Muscatine)
ILLINOIS
Stratford Square Mall (Bloomingdale)
Hickory Point Mall (Forsyth)
INDIANA
Five Points Mall (Marion)
Marketplace Shopping Center (Warsaw)
MARYLAND
The Centre at Salisbury (Salisbury)
MICHIGAN
Westwood Plaza (Marquette)
MINNESOTA
Northland Mall (Worthington)
MISSISSIPPI
Singing River Mall (Gautier)
Natchez Mall (Natchez)
MONTANA
Butte Plaza Shopping Center (Butte)
The JC Penney Store in Cut Bank (Cut Bank)
NORTH CAROLINA
Vernon Park Mall (Kinston)
NEW JERSEY
Burlington Center (Burlington)
Phillipsburg Mall (Phillipsburg)
OHIO
Wayne Towne Plaza (Wooster)
PENNSYLVANIA
Exton Square Mall (Exton)
LaurelMall (Hazleton)
Washington Mall (Washington)
TENNESSEE
Northgate Mall (Chattanooga)
VIRGINIA
Bristol Mall (Bristol)
Military Circle Mall (Norfolk)
WISCONSIN
Forest Mall (Fond du Lac)
Janesville Mall (Janesville)
Lincoln Plaza Center (Rhinelander)
Cedar Mall (Rice Lake)
Wausau Mall (Wausau)
