JC Penney recently announced 33 store closings across the US. As a result, approximately 2,000 people will find themselves on the unemployment line.
The decision to shutter the locations is part of the company’s plan to turn things around after several long months of sagging sales and revenue. According to JC Penney, the store closings will save the company around $65 million a year going forward. All of the locations will close down by this May. Check out a list of stores below.
Former CEO Myron Ullman III returned to the company last April to help JC Penney get back on its feet. Since former CEO Ron Johnson’s “no sales” marketing strategy did more harm than good for the retailer, Ullman was recently tapped to help untangle the mess Johnson left behind. The store closings were reportedly part of the plan from the get-go.
“As we continue to progress toward long-term profitable growth, it is necessary to re-examine the financial performance of our store portfolio and adjust our national footprint accordingly,” Ullman said in a statement.
He added, “While it’s always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JC Penney for future success.”
According to reports, the JC Penney store closings are part of the company’s quest to fix their current financial situation. Over the past 12 months, the retailer watched as their stocks prices continued to spiral downward. Analysts previously stated that the company is losing hundreds of millions of dollars every quarter.
“We have a lot of work to do to regain the trust of our customers. To bet the ranch on a wild return to growth in a specific and short time period wouldn’t be prudent,” Ullman explained.
Although JC Penney executives told shareholders that they were “pleased” with December’s holiday sales, the company didn’t offer up any exact figures. However, the retailer did state that everything was adding up to “continued progress in its turnaround efforts.”
Here’s a list of the JC Penney store closings scheduled for this year.
Selma Mall in Selma, Alabama
Arrow Plaza in Rancho Cucamonga, California
Chapel Hills Mall in Colorado Springs, Colorado
Meriden Square in Meriden, Connecticut
Lake Square Mall in Leesburg, Florida
Gulf View Square in Port Richey, Florida
Muscatine Mall in Muscatine, Iowa
Stratford Square Mall in Bloomingdale, Illinois
Hickory Point Mall in Forsyth, Illinois
Five Points Mall in Marion, Indiana
Marketplace Shopping Center in Warsaw, Indiana
The Centre at Salisbury in Salisbury, Maryland
Westwood Plaza in Marquette, Michigan
Northland Mall in Worthington, Minnesota
Singing River Mall in Gautier, Mississippi
Natchez Mall in Natchez, Mississippi
Butte Plaza Shopping Center in Butte, Montana
Cut Bank, Montana
Vernon Park Mall in Kinston, North Carolina
Burlington Center in Burlington, New Jersey
Phillipsburg Mall in Phillipsburg, New Jersey
Wayne Towne Plaza in Wooster, Ohio
Exton Square Mall in Exton, Pennsylvania
Laurel Mall in Hazleton, Pennsylvania
Washington Mall in Washington, Pennsylvania
Northgate Mall in Chattanooga, Tennessee
Bristol Mall in Bristol, Virginia
Military Circle Mall in Norfolk, Virginia
Forest Mall in Fond Du Lac, Wisconsin
Janesville Mall in Janesville, Wisconsin
Lincoln Plaza Center in Rhinelander, Wisconsin
Cedar Mall in Rice Lake, Wisconsin
Wausau Mall in Wausau, Wisconsin
What do you think about the scheduled JC Penney store closings?
[Image via Wikimedia Commons]