J C Penney Company I
JCP
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Mall’s J.C. Penney avoids retailer’s closure list

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03/18/2017 | 08:16 am

March 18--J.C. Penney is closing 138 stores, but its Cross Creek Mall spot will not be one of them.

The retailer, whose industry continues to be dented by online shopping, announced the list of stores Friday. Macy's and Sears are others that have announced or made changes since last summer.

J.C. Penney is one of four anchors at Cross Creek. Sears, another of the four, was acquired by mall owner CBL & Associates Properties earlier this year in a deal that will eventually lead to its closure, including its adjacent auto center.

J.C. Penney had said in investment reports it would focus on its best-performing stores. The closures will lead to the loss of 5,000 jobs. Last year, the company reported having about 105,000 full and part-time employees.

With the store closings, J.C. Penney will have about 900 stores.

"We believe closing stores will allow us to adjust our business to effectively compete against the growing threat of online retailers," CEO Marvin Ellison said in a statement.

North Carolina locations being closed are in Albemarle, Boone, Gastonia, Hendersonville, Monroe and Roanoke Rapids.

The company will have liquidation sales at the 138 stores starting next month, with most shuttered by the middle of June, the company said.

J.C. Penney has closed about 90 stores in the last four years. It tried a plan to become hipper about five years ago, with devastating results.

Earlier this year, Cross Creek got good news on Macy's, which in August had said it would close 100 stores in the coming years. It didn't name them at the time, but in January the retailer announced 68 of them for this year, including two in North Carolina.

Staff writer Alan Wooten can be reached at [email protected] or 486-3570.

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(c)2017 The Fayetteville Observer (Fayetteville, N.C.)

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