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.
In sports, the saying is “You can’t teach speed.” In global sourcing, “speed to market” can be realized with the right sourcing strategy.Read more
Global shipping giant UPS is putting a little fun and funding in a competition aimed at helping companies export their products.Read more
Topshop's creative chiefs announced their departure, while Carolina Herrera hired two new executives to helm its retail and merchandising divisions.Read more
Another party has stepped forward for a possible bid for beleaguered Sears Canada, while legal the wranglings around the company’s bankruptcy status continue.Read more
Cotton Made in Africa made strides in 2016 in its mission to make cotton growing in Sub-Saharan Africa more sustainable year after year, while improving the lives of smallholders and their families.Read more
Though the deal has been in place just five years, the U.S. and South Korea will meet in Seoul next week to discuss renegotiations, and President Trump has already said he would either go that route or terminate the agreement.Read more
New Zealand wants to go ahead with a TPP 11 and the deal could be reached before the end of the year.Read more