Yikes! If you shop at retailer J.C. Penney you may want to sit down for this. The apparel and home furnishings department store announced Friday, March 17 that it will close nearly 140 stores across the country, a move that will impact about 5,000 employees, the company said.
And the change is coming fast--most stores will start the liquidation process on April 17, and the closures will be complete by June. J.C. Penney said it will provide outplacement support for those who will lose their jobs.
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While we're certainly sad to see these stores go--and our hearts go out to those who will lose their jobs--the move isn't too shocking; many big retailers including Macys, Kmart, and Sears and have struggled to keep up profits in the age of online shopping.
According to reports, the closing stores represent about 13 to 14 percent of the company's portfolio, and less than 5 percent of annual sales. In addition to the retail stores, one supply chain facility in Lakeland, FL, will close and one supply chain in Buena Vista Park, CA, will relocate.
J.C. Penney has more than 1,000 store locations across the U.S. and Puerto Rico and employs more than 100,000 associates.
Sadly, the retailer is far from being the only one facing headwinds from online retailers. In recent weeks, Gordmans, RadioShack and Gander Mountain all filed bankruptcy in the past two weeks.
There is a long list of 138 J.C. Penney stores that will close over the next few months. Is your local store affected?
Stores in Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Louisiana, Massachusetts, Maryland, Maine, Missouri, Minnesota, Mississippi, Montana, North Carolina, North Dakota, Nebraska, Nevada, New Jersey, New York, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, Wisconsin, Wyoming will be affected. View a full list of exactly which store locations in these states will close.
So sad! We're sorry to see this familiar, beloved store close so many locations. It will surely be missed.
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