JCPenny Closing 138 Stores; Jasper Among Them

Plano, TX (Local Sources) – J.C. Penney has released the list of 138 stores it plans to close in an effort to cut costs and grow sales at its strongest locations.

The release comes a few weeks after Penney’s said it would close up to 140 stores this year, following similar decisions from Macy’s and Sears. Between the companies’ four biggest chains, which include Sears’ Kmart brand, more than 300 big-box stores will go dark this year alone.

The closures highlight the pressures on traditional department stores, which are losing market share to off-price competitors and Amazon. They also underscore the deteriorating economics at lower-quality shopping centers, whose risk of failure rises when an anchor tenant exits.

On the list, is JCPenney’s store at Jasper Manor Shopping Center.

The company said at that time that most of its closures would occur in the second quarter. Liquidations will start April 17.

The retailer said Friday that the closures would displace 5,000 workers. Some will receive transfer opportunities and some will not.

Penney will continue to operate nearly 900 stores.

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