On Jan. 15, J.C. Penney announced it would close 33 underperforming stores by May and eliminate 2,000 positions, resulting in an annual cost savings of $65 million.
“As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly,” company CEO Myron E. (Mike) Ullman said in a statement.
The department store hasn’t yet released its holiday sales results, except to issue a terse release in early January that said it was “pleased” and that “customers responded well” to its offerings.
The following closings were announced: Selma, Ala. (Selma Mall); Rancho Cucamonga, Calif. (Arrow Plaza Market); Colorado Springs, Colo. (Chapel Hills Mall); Meriden, Conn. (Westfield Meriden); Leesburg, Fla. (Lake Square Mall); Port Richey, Fla. (Gulf View Square); Muscatine, Iowa (Muscatine Mall); Bloomingdale, Ill. (Stratford Square Mall); Forsyth, lll. (Hickory Point Mall); Marion, Ind. (Five Points Mall); Warsaw, Ind. (Old Town Market Place); Salisbury, Md. (The Centre at Salisbury); Marquette, Mich. (Westwood Mall); Worthington, Minn. (Northland Mall); Gautier, Miss. (Singing River Mall); Natchez, Miss. (Natchez Mall); Butte, Mont. (Butte Plaza Mall); Cut Bank, Mont.; Kinston, N.C. (Vernon Park Mall); Burlington, N.J. (Burlington Center Mall); Phillipsburg, N.J. (Phillipsburg Mall); Wooster, Ohio (Wayne Towne Plaza); Exton, Penn. (Exton Square Mall); Hazleton, Penn. (Laurel Mall); Washington, Penn. (Washington Crown Center); Hixson, Tenn. (Northgate Mall); Bristol, Va. (Bristol Mall); Norfolk, Va. (Gallery at Military Circle); Fond du Lac, Wisc. (Forest Mall); Janesville, Wisc. (Janesville Mall); Rhinelander, Wisc. (Lincoln Plaza Center); Rice Lake, Wisc. (Cedar Mall); Wausau, Wisc. (Wausau Center).
The company does plan to open a new store this year at the Gateway II development in Brooklyn, N.Y.
Penney is not the only big department store to kick off the new year with a flurry of pink slips. On Jan. 9, Macy’s announced that it was laying off 2,500 employees.