JCPenney to Close Up to 140 Stores Nationwide
Another business in West Michigan could be in trouble after its parent company announced that it will be closing up to 140 stores.
Following the announcements of the closings of Sears/Kmart and Macy’s, plus restaurants like Noodles & Company (though we learned no Michigan Noodles restaurants will be closing) and Outback/Carrabba’s/Bonefish Grill, JCPenney has announced that it will be closing 130-140 stores.
JCPenney has not said which stores will be closing, and it is still unclear if the closings will affect any of the stores in West Michigan.
The closings of the physical stores are being done so that the company may better compete in the online retail world. Marvin R. Ellison, chairman and chief executive officer of JCPenney, explained:
We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers. Maintaining a large store base gives us a competitive advantage in the evolving retail landscape since our physical stores are a destination for personalized beauty offerings, a broad array of special sizes, affordable private brands and quality home goods and services. It is essential to retain those locations that present the best expression of the JCPenney brand and function as a seamless extension of the omnichannel experience through online order fulfillment, same-day pick up, exchanges and returns.
Approximately 6,000 employees will be given the option to enter JCPenney’s Voluntary Early Retirement Program. The remaining affected employees will be compensated with “separation benefits, which includes assistance identifying other employment opportunities and outplacement services such as resume writing and interview preparation.”
We will update this story once a list of stores is released.