J.C. Penney Announces Closure of 138 Stores, Including Seven in Michigan
Last month we reported on how retailer J.C. Penney announced the closure of 130 to 140 stores over the next few months.
Now the company has released the list of 138 stores the will close, including seven in Michigan.
The Michigan stores slated to close are in Battle Creek, Escanaba, Holland, Houghton, Kigsford, Midland, and Sault Ste Marie.
Most stores will begin the liquidation process on April 17th.
The closures are part of the company’s latest attempt to return to profitability.
Two distribution centers in Florida and California will also be closed along with the stores.
Associates who will be impacted by closures will receive separation benefits, which includes assistance identifying other employment opportunities and outplacement services such as resume writing and interview preparation.
According to JCPenney, the store’s slated for closure represent 13% to 14% of the company’s total store presence and less than 5% of total annual sales.
Along with the closings, JCPenney says they will also be offering early retirement to nearly 6,000 eligible associates.
The full list of affected stores can be found here.