JCPENNEY TO CUT 2,000 JOBS, CLOSE 33 STORES

[mystery-ak]

http://finance.yahoo.com/news/jcpenney-cut-2-000-jobs-213006101.html


Wed, Jan 15, 2014, 6:32pm EST - US Markets are closed

JCPENNEY TO CUT 2,000 JOBS, CLOSE 33 STORES
Business Insider
By Hayley Peterson 2 hours ago

 JCPenney is cutting 2,000 jobs and closing 33 stores as the battered department store seeks to revive revenue growth, the company announced Wednesday.

The move will save about $65 million annually beginning in 2014, the company said.

JCPenney, which has about 1,100 stores, has struggled to turn a profit since former CEO Ron Johnson  was fired in April.

The firings and closings are the latest effort by the retailer to reverse Johnson's aggressive reinvention plan, which alienated millions of customers.

The decision will enable the company to focus resources on the highest growth opportunities while shedding underperforming stores that have been a drag on revenues, JCPenney said in a press release.

"While it's always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success," JCPenney CEO Mike Ullman said in a statement.

In another effort to boost a turnaround, the company will overturn Johnson's decision to end sales commissions, Bloomberg reported Wednesday. The change, which will affect 3,000 employees, is meant to spur sales growth, especially in jewelry and home furnishings.

Here's the list of stores that will be closed:

[mystery-ak]

Looks like my store in Il is closing which doesn't surprise me...I was there at Christmas and although they had some good sales it was dead.

[Atomic Cow]

Not surprised that mine isn't closing.  It always seems to do good business, although one must be fluent in Spanish to deal with the customers.

[Cincinnatus]

.C. Penney said Wednesday it will close 33 underperforming stores and lay off 2,000 employees as the venerable but troubled retailer continues a sweeping turnaround effort.

The stores closing:

Selma, Ala. -- Selma Mall

Rancho Cucamonga, Calif. -- Arrow Plaza

Colorado Springs -- Chapel Hills Mall

Meriden, Conn. -- Meriden Square

Leesburg, Fla. -- Lake Square Mall

Port Richey, Fla. -- Gulf View Square

Muscatine, Iowa -- Muscatine Mall

Bloomingdale, Ill. -- Stratford Square Mall

Forsyth, Ill. -- Hickory Point Mall

Marion, Ind. -- Five Points Mall

Warsaw, Ind. -- Marketplace Shopping Center

Salisbury, Md. -- The Centre at Salisbury

Marquette, Mich. -- Westwood Plaza

Worthington, Minn. -- Northland Mall

Gautier, Miss. -- Singing River Mall

Natchez, Miss. -- Natchez Mall

Butte, Mont. -- Butte Plaza Shopping Center

Cut Bank, Mont.

Kinston, N.C. -- Vernon Park Mall

Burlington, N.J. -- Burlington Center

Phillipsburg, N.J. -- Phillipsburg Mall

Wooster, Ohio -- Wayne Towne Plaza

Exton, Pa. -- Exton Square Mall

Hazleton, Pa. -- LaurelMall

Washington, Pa. -- Washington Mall

Chattanooga -- Northgate Mall

Bristol, Va. -- Bristol Mall

Norfolk, Va. -- Military Circle Mall

Fond du Lac, Wis., Forest Mall

Janesville, Wis. -- Janesville Mall

Rhinelander, Wis. -- Lincoln Plaza Center

Rice Lake, Wis. -- Cedar Mall

Wausau, Wis. -- Wausau Mall

Ken Nisch, chairman of JGA retail consultants, says many chains are eliminating stores in sparsely visited malls

This makes me sad both for Penneys and for those who are now going to be out of work. I only hope the rest of the company can be salvaged but I am not very hopeful it can.

http://www.usatoday.com/story/money/business/2014/01/15/jc-penney/4495963/

[Rapunzel]

 

    Ken Nisch, chairman of JGA retail consultants, says many chains are eliminating stores in sparsely visited malls

We have a beautiful mall - completed in 2008 right when the economy crashed and building screeched to a halt.  Walmart superstore on one end and Dillards at the other end with Penny's and a very nice Ultra Star Cinema in the center...a Petsmart,Sally's, Kirklands, shoe store a few dress stores. a Dentist. and a ton of empty stores...... it makes me sad to see all the empty store fronts.  We had a very nice Michael's but Hobby Lobby built a store in the old Walmart - which is more centrally located - and it drove the Michael's out of town...   I don't know if malls will ever make a come back with net shopping.

[mountaineer]

The mall nearest my mother's house has become a hangout for "urban yoots" from a nearby town, and elderly folk like her are afraid to go there. She goes to the JCP styling salon, but won't keep walking into the rest of the store or other stores in the mall.

[Cincinnatus]

Exactly the situation with our Penneys.

Not surprised that mine isn't closing.  It always seems to do good business, although one must be fluent in Spanish to deal with the customers.

[Relic]

I don't know if malls will ever make a come back with net shopping.

Malls are on the way out. Political correctness is killing the malls in my neck of the woods.

Urban youths decided to invade a mall two cities away from me. They brought with them everything you'd expect from urban youths. It took about 5 years, that mall closed. They've now invaded the mall in my city. That mall's days are numbered. There is absolutely nothing a mall can do once urban youths decide to hang out there.

[Rapunzel]

Malls are on the way out. Political correctness is killing the malls in my neck of the woods.

Urban youths decided to invade a mall two cities away from me. They brought with them everything you'd expect from urban youths. It took about 5 years, that mall closed. They've now invaded the mall in my city. That mall's days are numbered. There is absolutely nothing a mall can do once urban youths decide to hang out there.

You definitely need to move.  Our mall -- actually it and all the mini-malls in town absolutely crack down on loitering -- as in not allowed.. period.  The city spent the money for a skateboard park and that is where the kids have to go to hang out and skate... not allowed around any of the stores in town and strictly enforced....

[Relic]

You definitely need to move.  Our mall -- actually it and all the mini-malls in town absolutely crack down on loitering -- as in not allowed.. period.  The city spent the money for a skateboard park and that is where the kids have to go to hang out and skate... not allowed around any of the stores in town and strictly enforced....

Urban youths around here are Holder's people. No cracking down on them.

[Rapunzel]

Urban youths around here are Holder's people. No cracking down on them.

Very few of Holders people in this town......