PLANO, TX – J. C. Penney Company, Inc. today announced 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.
In Iowa, a store in Muscatine will be closed. According to a list of the stores that are to be closed, nearly every one is i a mall or shopping center.
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.
Last week, JCPenney reported that the Company is pleased with its performance for the holiday period, showing continued progress in its turnaround efforts. According to a press release, customers responded well to the company’s offerings this holiday shopping season, both in store and online.
Everyone who is anyone moved out of dodge. Look at he last census.
Just wait till the next census in MC. With the likes of Eric Bookmeyer running that town, it will be down hundreds and hundreds, maybe thousands of people. No one wants to be ruled by that tiny, sad little dictator. Smart people are fleeing in droves and only come back when they run out of meth.
Is the store in Southbridge on the list to close?
I’d be surprised if Sears down at Southport is able to hang on. The parking lot always looks empty. Too bad. I remember when that mall had a lot of stores in it.
Sears is normally almost totally empty. The south end of town looks almost as bad as the north end now. It is depressing and sad how far this town has slipped over the years. JC will close soon enough, then younkers will quit the mall, sears will close and the whole southport will be barren.
America is being chinesed -walmart – how’s this global market working out for us – Detroit -once the greatest now a desolute dump – no manufacturing jobs being created in the US -everthing manufactured is foreign – can’t survive going on like this. Government getting bigger only causes more burdens on the private sector which is struggling unless they are getting government subsides- as farmers-windfarms-ethenol- something has to turn around – were going so far in debt we will never be able to climb out of the hole – say what you may – the private sector in in deeeeep chit.
@pontiac-You are correct. It is all being driven by profit taking at the expense of long term business support. As long as we allow bonuses we will have graft and fraud. There is no excuse for paying a CEO over a million dollars a pear while paying less than a living wage to the people doing the work. The Chinese have learned this and that is why we are losing and they are gaining. I believe it is going to take a major crash or revolution to change this.
Gloom and doom, you must listen exclusively to fox news. So, when’s the world gonna end? I’ll wait for you to go turn on Fox so they can give you the answer.
This is what you get when you put someone in charge of a company who has not a clue about retailing. Same thing happened to Sears. If they are to succeed, they should not have to close stores, but go on a mission to re-invent their mission. There is no room at the bottom end of the spectrum, so looking at a higher than middle end of the retail market is in order.
Merely closing stores is the lazy way out of a situation.
@observer-You are correct. When a company starts closing down operations and cutting people and salary they are all but done and it is just a matter of time. The top management play this type of game cutting everyone except themselves and in a lot of cases walk away with bonuses even after bankruptsy. Only the people doing the work suffer. We continue to let them crap on us and it happens over and over again.