The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
NEW YORK / AP
JC Penney listed for the first time the 138 locations it will shutter in the coming months as the retailer seeks to cut costs and improve its profitability. Like other department stores, JC Penney Co. is hurting as more people shop online instead of heading to the mall. The closures are part of the company’s previously announced plans to focus on its best-performing stores.
About 5,000 jobs will be cut due to the closures, JC Penney said. The company had about 105,000 full and part-time employees last year. Nine stores will close in Texas. Eight will close in Minnesota and seven will be shut in both Michigan and Pennsylvania. Liquidation sales at the 138 stores will start next month, and most of the stores will be shut by mid-June. The closings will leave JC Penney with a total of about 900 stores.