Photo courtesy from The Huffington Post
What luck of the Irish? On March 17, JCPenney announced and identified which stores will be closed down within the next couple of month. This announcement follows that of February, where first JCPenney announced the closing of certain stores across the country, which may or may not impact fans of the store but will certainly impact and put a strain on its current employees. The reason for closing a certain amount of clothes is for the company to place its focus on its strongest stores by cutting the cost of its other stores. Last month, JCPenney’s CEO Marvin Ellison stated, “We believe closing stores will allow us to adjust our business to effectively compete against the growing threat of online retailers.” While this can be seen as strategic thinking on JCPenney’s end, it definitely will not go well for its current employees.
In total, 138 stores will be closed down. The company has stated that about 5,000 employees will be affected by the closure. JCPenney is working with its employees to find them relocation opportunities and support. Liquidation sales will begin next month on April 17 and all selected stores are to officially close down in June. The list of stores closing is not listed on the JCPenney website but certain media outlets have provided the list. To check if your favorite JCPenney store is among the selected, click here.