Jc Penney Store Closings

J.c. Penney Plans Store Closings

... to improve profitability and help align the company's store presence with its online sales. A parade of closings began last month following a holiday season that saw store traffic fall, thanks to a 17.8 percent rise in online sales, according to e Marketer. Macy's and Sears were among the chains that announced store closings, and The Limited shut down its entire chain. "People are becoming more comfortable with buying everything, even clothing, online," said local retail consultant Chris Boring. "Once they realize they can make a purchase online and it's not a hassle, they keep doing it. My prediction is that by 2030 we'll be buying most of our clothing online.". Penney posted a profit in 2016 for the first time since 2010, but that wasn't enough to keep the company from announcing a cutback. "We believe closing stores ...

J.c. Penney Is Closing Up To 140 Stores

... don't make money, but that they generally cost more to make—what with all those explosions and CGI monsters and all. Wealthsimple's study makes for an interesting pre-Oscar read. Check out the full report here. The pot industry is not happy with Trump’s White House. After press secretary Sean Spicer indicated yesterday that the DOJ will ramp up enforcement of federal marijuana laws, pot industry reps lit up with ire. Per Bloomberg , here's a comment from Derek Peterson, CEO of Terra Tech Corp. "Today's news coming out of the administration regarding the adult use of cannabis is, of course, disappointing. We have hoped and still hope that the federal government will respect states' rights in the same manner they have on several other issues.". Eight states and the District of Columbia have legalized recreational pot use, giving rise to an industry that's expected to hit $50 billion by 2026. Read the full story ...

J.c. Penney Is Closing Up To 140 Stores As Turnaround Falters

... Penney CEO Marvin Ellison said in a statement. In a Fortune profile a year ago , Ellison said that almost all Penney stores generated more cash than they consumed. But since then, rivals like Macy's (m) and Sears (sold) have closed hundreds of stores, something that will decimate traffic at malls the three chains co-anchor. What's more, 1,000 stores is roughly the size of the fleet that Penney possessed when it had annual sales of $19 billion a decade ago. In 2016, they came in at $12.5 billion. As detailed in an in-depth examination of department stores in the current issue of Fortune, chains like Penney are struggling with shifting consumer habits and an exodus of shoppers from malls. The stores being closed, the list of which will be released next month, make up about less than 5% of total annual sales, Penney said. The retailer has about 600 mall-based stores and another 400 smaller standalone stores in smaller markets. Though Penney had been making progress in 2014 and 2015, sales growth stalled last year (comparable sales, which include e-commerce but exclude newly opened or ...

Jcpenney Closing 140 Stores, Cutting 6,000 Jobs A Glimpse Of The New Normal

... a huge truck court,” he said. “And they pay current market rates, which are well below what it would cost to operate the Orange County facility at the price level it was worth. This is happening all over Southern California.”. Economist Christopher Thornberg, a founding partner with Beacon Economics , said the move is a good thing for the Inland Empire’s economy and it will better serve J. C Penney to consolidate its local distribution activity into a newer and more modern facility. Chairman and CEO Marvin R. Ellison said J. C. Penney is taking “aggressive action to better align our retail operations for sustainable growth.” The department store chain said it is initiating a voluntary early retirement program for about 6,000 eligible employees — far more than the number of full-time positions that will be affected by the store closures. ...

Local Shoppers React To Possible J.c. Penney Closures

... The J. C. Penny store in the Shenango Valley Mall has been around for decades. Local resident who shop at Penney's fear it will close. "We are already losing Macy's and Sears, where would we shop?" said Stacie Pitts of Sharon. The Shenango Valley Mall took a hit last month, with Sears and Macy's closures. "This area is pretty dead now, you take out this, it's going to get worse," said Beverly Pitts of Sharon. The retail giant was straightforward about the reasoning for possibly shutting down stores. The company says it's the competition of online sales. In a news release from J. C. Penney, they stated. "We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers.". The company went on to say that  75 percent of all online orders touched a physical store. Online shoppers then have the option to pick up the item in stores. While the Shenango ...

J.c. Penney Co. Announces Store Closings

... and two distribution facilities over the next few months, continuing a trend that has seen major retailers scale back and retrench as more shoppers do their buying online. The move, announced on Friday, comes as the Texas-based retailer posted a net profit of $1 million for 2016, compared with the previous year’s $513 million loss. Net sales were $12.5 billion for 2016, a 0.6 percent decrease from the previous year. Last year was the first year the company has posted a profit since 2010. In 2013, it reported a net loss of nearly $1.3 billion. The closings are expected to result in $200 million in annual savings for the company. The department store giant operates more than 1,000 locations across the United States and Puerto Rico, including the JCPenney and JCP Salon in West Lebanon’s Upper Valley Plaza. The list of stores to be closed won’t be released until mid-March, the company said. Nearly all affected stores are expected to close in the second quarter of 2017. A distribution ...

Jcpenney Closing Stores, Also Offering ‘voluntary Early Retirement

... that, it did business at the old Columbus Square Mall on Macon Road and, before that, in downtown Columbus before that. - Photo by Tony Adams __link__. 1 of 2. Order Reprint of this Story. Retailer JCPenney, announcing Friday that it plans to close as many as 140 stores and two distribution centers, for the moment did not say which locations it is targeting with its budget ax. Thus, the longtime anchor store at Peachtree Mall in Columbus, may or may not be on the closure list. The Plano, Texas-based company said it won’t be letting the public know until the middle of March, after it has notified employees. (Sephora's Friday grand opening is final piece of JCPenney makeover). Either way, it’s possible that the JCPenney in Columbus could be a little lighter in its employee ranks and experience with the retailer also saying it will be offering as many ...

Jcpenney Closing Up To 140 Stores, Cutting 6000 Employees

... annual profit since 2010. J. C. Penney posted net sales of $12.5 billion last year, down from $12.6 billion in 2015. Comparable store sales — which measure the performance of stores that were open over the course of a year — were flat in 2016. Earlier this year the company announced that it sold its Plano, Texas, headquarters but will lease back 65 percent of that space. Brick-and-mortar stores seek a balance. Phil Lempert , a Santa Monica-based expert on consumer behavior and marketing trends, said the retail climate has shifted. Brick-and-mortar stores, he said, are scrambling to better align themselves with online shoppers. “If you look at the entire retail landscape — including clothing, food and other goods — the old brick-and-mortar model needs to evolve,” he said. “People are buying more goods on the internet than ever before. A lot of those stores ...