February 24 Update: JCPenney has confirmed that it’s closing about 13% of its stores. Read the breaking news here.
JCPenney to close some stores, report says
According to the Dallas Morning News, JCPenney CEO Marvin Ellison said the department store chain plans to close some of its roughly 1,000 stores soon.
The executive made the comment while speaking at a real estate conference in Dallas.
— Dave Quinn (@DaveQuinn247) January 11, 2017
Dallas Morning News reports that JCPenney is still deciding which stores will be closed, but the company has realized that some locations need to downsize, particularly in smaller markets.
Despite looming store closures, Ellison said the chain’s physical locations remain a key part of its future, even as people are shopping more online.
In early January, JCPenney reported that comparable store sales fell 0.8% over the holidays.
A company news release said that appliances, outerwear, boots, toys, cosmetics and jewelry were strong categories during the season, but women’s apparel remains a weak spot.
More Clark.com retail coverage:
- These major retailers are closing stores in 2017
- Confirmed: These Macy’s locations are closing
- These 150 Sears and Kmart locations are closing in early 2017
- Here’s what happens to malls after department stores close
Clark’s take on Macy’s and Sears closings
Source: FS – All – Economy – News 2
Report: JCPenney will be closing stores in 2017