Press release from JC Penny on upcoming 130+ store closings.

[Sherman A1]

PLANO, Texas – (Feb. 24, 2017) – J. C. Penney Company, Inc. (NYSE: JCP) today announced it is implementing a plan to optimize its national retail operations as part of the Company’s successful return to profitability. Under the plan, the Company expects to close two distribution facilities and approximately 130 - 140 stores over the next few months. These strategic decisions will help align the Company’s brick-and-mortar presence with its omnichannel network, thereby redirecting capital resources to invest in locations and initiatives that offer the greatest revenue potential.

“In 2016, we achieved our $1 billion EBITDA target and delivered a net profit for the first time since 2010; however, we believe we must take aggressive action to better align our retail operations for sustainable growth. During the year, it became evident the stores that could fully execute the Company’s growth initiatives of beauty, home refresh and special sizes generated significantly higher sales, and a more vibrant in-store shopping environment,” said Marvin R. Ellison, chairman and chief executive officer of JCPenney. “We believe the relevance of our brick and mortar portfolio will be driven by the implementation of these initiatives consistently to a larger percent of our stores. Therefore, our decision to close stores will allow us to raise the overall brand standard of the Company and allocate capital more efficiently.”

“We understand that closing stores will impact the lives of many hard working associates, which is why we have decided to initiate a voluntary early retirement program for approximately 6,000 eligible associates. By coordinating the timing of these two events, we can expect to see a net increase in hiring as the number of full-time associates expected to take advantage of the early retirement incentive will far exceed the number of full-time positions affected by the store closures,” added Ellison.

http://www.jcpnewsroom.com/news-releases/2017/0224_announces_plan_to_optimize_retail_operations.html

[doc03]

1. These brick and mortar stores are dropping like flies. They can't pay rediculous mall rentals

and make a profit. A couple days before Radio Shack closed I was looking for an optical audio to analog audio converter, price at RS $58 with tax. I found the same item
on Ebay new in box for $8.14 including shipping.

[yeoman6987]

2. A lot of these places did it to themselves

They act like it's 1980 and don't upgrade their business practices. Most of the places closing aren't much of a loss to America. I think the only places brick and motar that will survive are little shops with items that are not easily purchased online.

[Sherman A1]

3. While certainly management decisions that have not kept up with the changing

landscape of Retail have made a big impact. The jobs that these stores provided are indeed a loss to those that will suffer them.

[doc03]

4. Walmart will still be here, sad nt

[yeoman6987]

6. I looked at the list and our JC Penny's is still going to be open

I looked at my other family members and theirs are too. Maybe little towns are closing their stores.

[Vinca]

5. I used to shop at the local Penney's all the time . . . until they closed the store.

Hard to sell goods from an empty cart.