Author: Nathan Bomey / Source: USA TODAY
In the wake of a disappointing holiday quarter, J.C. Penney is slashing hundreds of jobs. Time
J.C. Penney plans to close 15 additional full-line stores and nine home-and-furniture locations as the retailer struggles to get its footing amid significant challenges for department stores.
The chain announced Thursday that it would close the stores because they are not performing well or “represent a real estate monetization opportunity.”
The company declined to release a list of stores set to close.
J.C. Penney had been reviewing its locations for potential closures as it seeks to cut costs amid a downturn in sales. The retailer had 864 department stores as of Nov. 3, according to a public filing.
The latest move comes after the company had already announced three full-line store closures in January, bringing the total closures for 2019 to 30.
“Comparable sales performance for the closing stores was significantly below the remaining store base and these stores operate at a much higher expense rate given the lack of productivity,” J.C. Penney said in a statement. “Associates who will be impacted by the store closures will receive…
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