Tags: jc penney | stores | close | shut

JC Penney to Close These 138 Stores

JC Penney to Close These 138 Stores
(AP)

By    |   Friday, 17 March 2017 11:28 AM

J.C. Penney has released a list of store closures over the next few months in hope of saving roughly $200 million annually.

The retailer originally announced the closing last month.

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.

Here is the list, click here.

Ellison said savings from the closures will be redirected to invest in profitable locations and initiatives.

"While many pure play e-commerce companies are experiencing dramatically increasing fulfillment costs, we are pleased with the double digit growth of jcpenney.com and how leveraging our brick and mortar locations is enabling us to offset the last-mile delivery cost," Ellison said in the statement.

J.C. Penney is the latest brick-and-mortar retailer to announce closings, with Sears Holdings saying last month it will close 150 Sears and Kmart stores and Macy's announcing 68 store closings, according to CNN Money.

On the flipside, online retailer Amazon is expected to hire 100,000 workers in the United States this year, CNN Money reported.

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J.C. Penney has released a list of store closures over the next few months in hope of saving roughly $200 million annually.
jc penney, stores, close, shut
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2017-28-17
Friday, 17 March 2017 11:28 AM
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