J.C. Penney announced that it planned to close 130 to 140 stores as well as two distribution centers in the coming months. The struggling retailer follows in the footsteps of Sears and Macy’s , both of which have plans to shut stores to cut costs as shoppers move away from mall-based retailers.
Category: JC Penney
J.C. Penney and Macy’s Are Turning America’s Malls Into Ghost Towns
At the rate department store chains are shuttering locations, your neighborhood shopping mall will soon look like something out of a post-apocalyptic movie. On Friday, J.C. Penney became the latest chain to announce a strenuous round of store closures and buyouts for as many as 6,000 members of its workforce in a bid to cut costs.
Jim Cramer — Mall Trends Concerning for J.C. Penney Earnings
Shares of J.C. Penney have struggled this year, down more than 16% as the company gears up to report its fourth-quarter earnings results Friday before the open . J.C. Penney is another apparel-selling, mall-based retailer, and that’s not good, TheStreet’s Jim Cramer, co-manager of the Action Alerts PLUS portfolio , said from the floor of the New York Stock Exchange Wednesday.
These Major Mall Anchors Are Getting Trumped by Amazon.com
Mall anchors Dillard’s , J.C. Penney , Nordstrom and Macy’s immediately traded higher after Donald Trump’s election win on Nov. 8. Meanwhile, Amazon.com traded lower. Between Nov. 14 and Dec. 8, these trends reversed big time.
J.C. Penney Stock Jumps on Nike Partnership
Shares of J.C. Penney were rallying almost 4% in Tuesday morning trading after announcing that it will include Nike shops in more than 600 of its stores. The Plano, Texas-based company will dedicate 500 square feet to Nike products within a “prominent” location of the men’s department, according to a statement by J.C. Penney.
J.C. Penney Strikes Deal for Texas Headquarters
J.C. Penney Co. reached a deal to sell its Plano, Texas, headquarters and lease back part of it, reaping about $353 million for the retailer.