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JCPenney to close 140 stores

JC Penney located at Fashion Valley in San Diego.
Photo credit:
Artur Wnorowski - Google

In the latest downsizing of historical department stores, J.C. Penney has announced they will shutter as many as 140 stores and alleviate approximately 6,000 jobs.

This announcement comes on the heels of Macy’s Inc.’s decision last year to permanently close 100 of its stores due to dwindling in-house sales. Those closures will include the store in Westfield Mission Valley a fixture of the landscape for many decades.

J.C. Penney has a store in the up-scale Fashion Valley mall, but there is no word on whether that location will be affected by the terminations.

The closures will take with them 14-percent of the company’s store base and less than five-percent of total sales, they announced on Friday. Two distribution centers will also be closed which in total will save the company $200 million a year.   

Internet consumerism is being blamed for the recent downsizing of major department stores. Penney’s whose sales peaked in 2002, failed to reinvent themselves and are still trying to come out of the red.