Jc Penney Store Closings

J.c. Penney Is Closing Up To 140 Stores As Turnaround Falters

... are shipped from, or picked up in a store. (Earlier this week, Kohl's said it would shrink rather than close stores for that reason.). But as the retailer expands its chain of Sephora boutiques, new appliance sections, and upcoming Nike (nke) boutiques, it has decided to concentrate its efforts on stores that can succeed, acknowledging it cannot keep all stores in such a massive fleet up to standard. "Our decision to close stores will allow us to raise the overall brand standard of the Company and allocate capital more efficiently," Penney CEO Marvin Ellison said in a statement. In a Fortune profile a year ago , Ellison said that almost all Penney stores generated more cash than they consumed. But since then, rivals like Macy's (m) and Sears (sold) have closed hundreds of stores, something that will decimate traffic at malls the three chains co-anchor. What's more, 1,000 stores is roughly the size of the fleet that Penney possessed when it had annual sales of $19 billion a decade ago. In 2016, they came in at $12.5 billion. As detailed in an in-depth examination of department stores in the current issue of Fortune, chains like Penney are struggling with shifting consumer habits ...

Jcpenney Closing 140 Stores, Cutting 6,000 Jobs A Glimpse Of The New Normal

... online retailers, J. C. Penney announced Friday that it plans to close 130 to 140 underperforming stores nationwide and sell two distribution centers over the next few months including one in Buena Park and another in Lakeland, Florida. A list of stores targeted for closure is expected to be announced next month. A company map indicates that J. C. Penney operates 79 stores in California. The pending closures represent about 13 to 14 percent of the department store chain’s current store count and less than 5 percent of its total annual sales. • Related: How Sears, JCPenney fight to survive in the mall. Operations at the 1-million-square-foot, 24-acre Buena Park facility will be moved to a new J. C. Penney distribution center in the Inland Empire, company officials said. The Buena Park distribution center, at 6031 Orangethorpe Ave., was assessed at roughly $35 million last year, making it a valuable real estate asset for the troubled retailer. Co Star , a commercial real estate database, indicates the ...

J.c. Penney Co. Announces Store Closings

... United States and Puerto Rico, including the JCPenney and JCP Salon in West Lebanon’s Upper Valley Plaza. The list of stores to be closed won’t be released until mid-March, the company said. Nearly all affected stores are expected to close in the second quarter of 2017. A distribution center in Lakeland, Fla., will close in early June, and the company is in the process of selling its supply chain facility in Buena Park, Calif. About 6,000 of the company’s 100,000 workers will be offered a voluntary early retirement program in conjunction with the closings. Affected employees will receive separation benefits, including outplacement services such as resume writing and interview preparation. Marvin Ellison, the company’s chief executive, said he expects to see a net increase in hiring at the company “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.”. Other old-school retail chains have announced similar moves. Macy’s is closing 100 stores and eliminating 10,000 jobs. Sears said in January it would close 150 stores, some from ...

Jcpenney Closing Up To 140 Stores, Cutting 6000 Employees

... to verify the status of their stores. But an employee at one location at the Antelope Valley Mall said that store is not on the hit list. “We are not one of the stores that will be closing,” a store representative said Friday. “They are underperforming stores that are closing and have already been notified. But we are not one of them.”. Another employee at the company’s Montebello store said she was “pretty certain we’ll remain open,” although she said the final list of closures will be released in about three weeks. An employee at the Torrance store was uncertain about the future of that location, too. “We still don’t know,” he said. The company is streamlining its resources to better compete with Amazon and other online outlets. “We believe closing stores will also allow us to adjust our ...

J.c. Penney Plans Store Closings

... good indicator for where Penney's will close — a mall or retail cluster where Sears will close.". The wave of anchor-store closings, along with the continued rise of online shopping, has weighed heavily on shares of real estate investment trusts (REITs) that own malls. On Thursday, the CEO of Washington Prime Group sought to reassure analysts on a conference call that the Columbus-based REIT is well-positioned to withstand these closings. "With respect to last August's announcement of 100 Macy's closings, we fared better than the vast majority of our peer group," said Lou Conforti, CEO of Washington Prime, adding that the company has "reduced its exposure" to Sears stores by selling off lower-performing malls. The remaining Penney stores will be a significant part of the retailer's strategy for the future, Ellison said. While many ...

J.c. Penney Is Closing Up To 140 Stores

... a personalized daily supplement pack to them every month. The company has also paid careful attention to design in everything from the website to the packaging, which is another way it stands out from a typical vitamin brand. Over 100 female Uber engineers told CEO Travis Kalanick there is a “systemic problem” of workplace sexism. The "Lady Eng" group meeting with Kalanick lasted more than an hour on Thursday, where the allegations of rampant sexual harassment and sexism in Uber's workplace culture were the sole topic, reports Buzz Feed. As one female engineer told Kalanick. "I think that we should kind of address the elephant in the room. which is that everyone who's in these rooms now. believes that there is a systemic problem here. We wouldn't be here if we didn't. I do not think that we need [Eric Holder's] help in admitting to ourselves as a company that we have a systemic problem.". Facebook Reactions: the first ...

Jcpenney Closing 130-140 Stores; Overnight Fire At Thonotosassa Mosque; Next Steps For Tangerine Plaza; How To Slow Bayshore Boulevard Traffic

... FOR TRAIN HORNS. [Times file, 2015]. A CSX train leaves downtown Tampa along the tracks under the William F. Poe Parking Garage. The sound of train horns warning motorists has become a bigger problem as the number of people living in downtown Tampa has grown in recent years. The cost of creating a "quiet zone" for train horns in downtown Tampa started at $2.7 million, but now has risen to more like $3.17 million. And City Hall is covering much of the difference, Richard Danielson writes. OVERNIGHT FIRE AT THONOTOSASSA MOSQUE UNDER INVESTIGATION. Hillsborough fire crews are investigating an overnight fire at a mosque in Thonotosassa. The fire occurred at an entrance door of the Islamic Society of New Tampa, 15830 Morris Bridge Road, and was quickly put out around 2 a.m., according to 10 News WTSP. MOSI BRINGS BACK PAY FOR A DAY TICKET DEAL STARTING SATURDAY. Tampa's Museum of Science and Industry is bringing back its ...

Jcpenney Closing 140 Stores, Cutting 6,000 Jobs A Glimpse Of The New Normal

... operates 79 stores in California. The pending closures represent about 13 to 14 percent of the department store chain’s current store count and less than 5 percent of its total annual sales. • Related: How Sears, JCPenney fight to survive in the mall. Operations at the 1-million-square-foot, 24-acre Buena Park facility will be moved to a new J. C. Penney distribution center in the Inland Empire, company officials said. The Buena Park distribution center, at 6031 Orangethorpe Ave., was assessed at roughly $35 million last year, making it a valuable real estate asset for the troubled retailer. Co Star , a commercial real estate database, indicates the property is used as a hub for J. C. Penney’s West Coast operations. Louis Tomaselli, a senior managing director at the investment management firm JLL , said the move makes sense. “They go sell a 40-year-old facility and then they lease a brand-new facility. a brand-new, state-of-the-art facility, a huge truck court,” he said. “And they pay current market rates, which are well below what it would cost to operate the Orange ...