After recently announcing that it would close 130-140 stores across the country, JCPenney has now released the list of exactly which stores are closing in 2017.
Of course, this is terrible news for the JCPenney employees who will find themselves looking for work sometime this year. JCPenney (along with many other popular retailers) says it’s having a hard time competing with online stores.
“During the year, it became evident the stores that could fully execute the company’s growth initiatives of beauty, home refresh and special sizes generated significantly higher sales, and a more vibrant in-store shopping environment,” said Marvin Ellison, chairman and chief executive officer of JCPenney, in a press release.
“We believe the relevance of our brick-and-mortar portfolio will be driven by the implementation of these initiatives consistently to a larger percent of our stores. Therefore, our decision to close stores will allow us to raise the overall brand standard of the company and allocate capital more efficiently.”