JCPenney to close 138 stores nationwide, including 5 in Indiana
JCPenney revealed which stores it will close nationwide after announcing plans to shut down between 130 and 140 stores a few weeks ago. The list of 138 stores includes five Indiana locations.
The retailer is trying to cut costs and grow sales at locations that are performing well. JCPenney will also close a supply chain facility in Florida and relocate another supply chain facility in California.
The company said the changes will affect about 5,000 workers nationwide. Most of the closures will happen in June, and the company pledged to provide outplacement support services for employees. The liquidation process is scheduled to start on April 17.
The following JCPenney stores in Indiana are set to close:
- FairOaks Mall in Columbus
- Connersville Plaza in Connersville
- Huntington Plaza in Huntington
- Jasper Manor Center in Jasper
- Logansport Mall in Logansport
You can find the full list of closures across the country here.
In February, the retailer said it would close between 130 and 140 stores and two distribution centers in a bid to “optimize its national retail operations.”
“We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailer,” Marvin R. Ellison, chairman and CEO, said while announcing closures in February. “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.”
Other brick-and-mortar retailers have made similar moves to pare down their number of stores, including Macy’s and Sears.
The chain expects the closures to save about $200 million a year. It plans to invest in higher-performing locations and digital sales as it works to cut down on debt.