The retailer today released the list of 138 locations that will be shuttered, starting April 17th.
The closures, which were previously announced on February 24th, are the retailer’s effort to focus on raising the level of a smaller group of stores. In addition to the stores, a supply chain facility in Lakeland, Florida, will close and another in Buena Park, California, will be relocated.
Approximately 5,000 employees will be affected by the closures, which span 41 states.
The stores account for about 13 percent of JC Penney’s locations and 5 percent of annual sales.
With the roughly $200 million in savings from the closed stores, the company plans to refresh the remaining stores, grow its beauty and home departments, which have been performing well, shore up its omnichannel offering and revitalize its women’s assortment.
As a part of this effort, the retailer recently announced that it would begin testing a home services programs in 100 stores in select markets to capitalize on homeowners’ desire to upgrade their properties. The company will offer services like heating and cooling, bathroom remodels and blind installations.
“There is a tremendous opportunity to capture additional revenue and minimize our dependence on apparel by catering our services to female homeowners who represent over 70 percent of our loyal customer base, and make the primary decisions regarding any home renovations,” said Marvin Ellison, chairman and chief executive officer of JC Penney.
FDRA data revealed that footwear consumers may be shopping more in stores for the holidays.Read more
Price may be king but convenience governs much of the way traditional retailers are thinking about their customers today.Read more
Textile companies are delving deeper into product development to create fibers and fabrics that help regulate temperature and deal with extreme weather conditions.Read more
The Bangladesh Garment Manufacturers and Exporters Association wants to establish more reasonable wage standards for the country’s ready-made garment sector—and any potential shifts could come with a wage hike, too. The BGMEA has asked the government to form a wage board for workers in order……...Read more
Consumer prices rose by an expected rate in October compared to a year ago, the result of a retreat in energy prices that had spiked at the end of hurricane season, plus flat food prices. Apparel prices dropped slightly year-over-year.Read more
This year hasn’t been an easy one for trade, with deals becoming defunct or upended, Brexit remaining an ongoing riddle and weather-related catastrophes disrupting global supply chains. Apart from the stress these market forces may have induced, they’ve also served as a reminder that agility is in higher demand than ever before.Read more