JCPenney Closing Store in Rio Grande

JCPenney Closing Store in Rio Grande

JCPenney Closing Store in Rio Grande

J. C. Penney announced on Friday it would be closing 138 stores, including the store located inside the Peru Mall.

J.C. Penney also will close two distribution centers in an effort to "raise the overall brand standard of the company", CEO Marvin Ellison said at the time, according to CNBC.

All affected stores are expected to begin the liquidation process on April 17 and should close sometime in June. The retailer reported it will provide outplacement support services for those employee who will be leaving the company.

JCPenney is working on relocation opportunities in the company for what its news release called "esteemed leaders".

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On the other hand, in the September 2017 quarter the company recorded a net $166.59M revenue with earnings per share of $1.39. The real estate investment trust reported $0.43 EPS for the quarter, missing analysts' consensus estimates of $0.44 by $0.01.

Also not on the list is the JCPenney location at Glenbrook Square Mall in Fort Wayne.

The company said the changes will affect about 5,000 workers nationwide.

In February, the Plano, Texas-based retailer announced that it would close 130 to 140 stores as part of its plan to shore up its business.

But the company estimates that it will save $200 million.

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JCPenney said it still plans to maintain sales at its hundreds of other physical stores, which the company believes gives it a "competitive edge" over online-only retailers.

J.C. Penney is closing 138 stores across the country, but none in Kentucky, according to a list released Friday by the company.

The Rio Grande store, described as being a smaller than normal store, is the second South Jersey location to close in the past three years.

The Limited closed its remaining stores in January, and American Apparel, which filed for bankruptcy for a second time past year, is expected to close all its stores.

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Corporate spokeswoman Kate Coultas, responding by email to a telephone message left at the number, did not say what factors led to the decision to close specific stores.

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