JCPenney to close 138 stores, including nine Texas locations
Approximately 5,000 positions will be impacted by closures
HOUSTON – As part of its plan to optimize national retail operations and cut costs, JCPenney released a list of the 138 stores that will be closed nationwide, including nine locations in Texas.
Those stores are located in the Athens Village Shopping Center in Athens, the Borger Shopping Plaza in Borger, the Heartland Mall in Early, the El Paso Downtown in El Paso, the Marshall Mall in Marshall, the McAllen Downtown in McAllen, the University Mall in Nacogdoches, the King Plaza Shopping Center in Seguin and the Bosque River Center in Stephenville.
In addition to the 138 stores, JCPenney announced it is also closing one supply chain facility in Lakeland, Florida, and relocating one supply chain facility in Buena Park, California.
"We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers," said Marvin R. Ellison, chairman and chief executive officer of JCPenney.
"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. It is essential to retain those locations that present the best expression of the JCPenney brand and function," said Ellison.
Approximately 5,000 positions nationwide will be impacted by the closures, most of which will occur in June.
JCPenney said it will provide outplacement support services for eligible associates who will be leaving the company.
Most affected stores will begin the liquidation process on April 17, according to JCPenney.
By closing stores, the Texas-based company said it expects to save an estimated $200 million a year.
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