JC Penny Closing 27 Stores Due to Declining Sales
J. C. Penny, one of America's favorite "go-to" retail stores, announced yesterday that they are closing 27 stores, due to a 4% decline in same-store sales during the critical holiday quarter.
J. C. Penney Company, Inc. *AKA* "Pennies" was founded 117 years ago in 1902 and has 864 locations in 49 U.S. states and Puerto Rico. We've all worn several "first-day-of-school" and Easter outfits from the legendary department store. Current J.C. Penny's fans would hate to think this is the foreshadowing of even more closings throughout the U.S.
The company is keeping quiet about which stores will close. A J. C. Penny representative said the company doesn't plan to release a list of stores slated for closure.
Employees affected by the closings will receive "separation benefits" including assistance finding another job, such as résumé writing, the company said.
Well, if you're like me.... You wanna know about the blowout sales coming to a J. C. Penny near you as a result of the closing!! Of course, as we get more information, we will share. But don't be afraid to go to a "Pennies" near you and ask the store manager if that location is one of the 27 stores closing. Multiple red CLEARANCE signs is always a tell-tale sign that doors are closing.