Eight JC Penney stores in Minnesota on store closings list
20 March, 2017, 00:29
Last month, the retail chain J.C. Penney announced its plan to close around 140 of its stores nationwide.
Graham Jaehnig/Daily Mining Gazette The JC Penny Store, which has been one of the anchor stores of the Copper Country Mall since the mall opened in 1979, will be closing starting in April of this year.
Macy's announced it is closing as many as 100 locations in coming years and Sears is closing 42 locations.
"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.
"We understand that closing stores will impact the lives of many hard working associates, which is why we have made a decision to initiate a voluntary early retirement program for approximately 6,000 eligible associates", Marvin R. Ellison, chairman and CEO of J.C. Penney Co., said in a statement.
The retailer is far from being the only one facing headwinds from online retailers. In the statement, Ellison said the company is pleased with the double-digit growth of jcpenney.com.
She said PREIT's expectation was that the store would remain open.
The company has more than 1,000 stores in 49 states and Puerto Rico. Eight will close in Minnesota and seven will be shut in both MI and Pennsylvania.
In attempting to interview the manager of the Houghton outlet, she stated only, "We have no comment to make".
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