Business

JC Penney to close 138 stores, including Tifton, Thomasville

JC Penney to close 138 stores, including Tifton, Thomasville

The J.C. Penney in Marshalltown will remain open, at its location inside the Marshalltown Mall.

"In 2016, we achieved our $1 billion (Earnings Before Interest, Taxes, Depreciation and Amortization) 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", said Marvin R. Ellison, chairman and CEO of J.C. Penney in the February 24 news release that originally announced the store closures.

J.C. Penney Co.'s downtown Petoskey location was not part of a newly released list of sites targeted for closures as the Texas-based department store chain pursues a "retail optimization" plan.

(Journal photo by Jim McConville) The former Martinsburg Mall - now Foxcroft Towne Center - is seen gutted out from the roadway Friday in Martinsburg.

The company said yesterday that liquidation sales at the stores being shut down would begin April 17 and the locations will be completely shut down in June.


J.C. Penney, the release states, "is in the process of identifying relocation opportunities within the Company for esteemed leaders".

The company said it believes closing stores will allow it to adjust "to effectively compete against the growing threat of online retailers". In the statement, Ellison said the company is pleased with the double-digit growth of jcpenney.com.

Numerous closures are in communities that have a long history with the stores.

Retailer swoon continues for brick and mortar stores.

The enclosed section of the mall officially closed November 1 and is awaiting demolition. The company had about 105,000 full and part-time employees a year ago.


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