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REAL ESTATE

Penney details stores marked for closing

BY Marianne Wilson

The ax has fallen: J.C. Penney has released the list of 138 stores it plans to close.

On Feb. 24, the retailer announced it would close 138 stores, along with one supply chain facility in Lakeland, Fla., as it looks to cut costs and focus on growing sales at its best-performing locations. Texas, with nine stores slated to close, and Minnesota, with eight, were the states hit with the hardest. While most of the stores closing are in smaller market, the list includes several higher-profile locations, including the Penney at Palisades Center in West Nyack, New York, and the one at King of Prussia mall, in King of Prussia, Pa.

"We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers,” Penney CEO Marvin R. Ellison said in February. “It is essential to retain those locations that present the best expression of the J.C. Penney brand and function as a seamless extension of the omnichannel experience through online order fulfillment, same-day pick up, exchanges and returns.”

Most of the stores will close in June, Penney said on Friday, and the liquidation process in most will start on April 17.

Approximately 5,000 positions will be impacted by the closings. Penney said is trying to relocate certain “leaders” and will provide outplacement support services for eligible associates.

To see the list of store closings click here.

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