Published: Sun, March 19, 2017
Economy | By Annette Adams

Local JCPenney Stores Spared From Cuts

Local JCPenney Stores Spared From Cuts

The JCPenney store in Sheridan will be among 138 locations the retailer plans to close amid tough competition from online sales.

JCPenney released a list Friday that revealed all of the stores that are slated to close.

The Limited closed its remaining stores last month, and American Apparel, which filed for bankruptcy for a second time past year, is expected to close all its stores.

Most of the stores will begin their liquidation processes on April 17, according to a statement.

JCPenney announced earlier this month that it will be closing two distribution facilities and between 130-140 stores over the next few months.

Approximately 5,000 jobs will be cut as a result of the closures.

Eligibility for the company's voluntary early retirement program will generally include home office, stores and supply chain personnel who met certain criteria related to age and years of service as of January 31.

"We understand that closing stores will impact the lives of many hard working associates, which is why we have chose to initiate a voluntary early retirement program for approximately 6,000 eligible associates", Marvin R. Ellison, chairman and chief executive officer of JCPenney said in a release.

After first announcing the intention to close a number of stores in late February, JCPenney finally released the full list of closures today.

"We understand that closing stores will impact the lives of many hard working associates, which is why we have chose to initiate a voluntary early retirement program for approximately 6,000 eligible associates".

Like this: