Reply
Honored Contributor
Posts: 37,825
Registered: ‎01-08-2011

J C Penney More Stores In Ch.ll USA Today

Days after filing for bankruptcy, J.C. Penney says it plans to close more than a fourth of its stores. 

According to a document filed with the Securities and Exchanges Commission on Monday, approximately 29% of the retailer's 846 stores, or 242 locations, will close between the current fiscal year and next fiscal year. 

For the current fiscal year, which ends in February, 192 stores are expected to close, and then 50 in the next fiscal year, the document notes. After the closings, the company will have 604 locations.

“The approximately 604 future fleet represent the highest sales-generating, most profitable, and most productive stores in the network,” J.C. Penney said in the SEC filing.

J.C. Penney store closings coming

 

*Amazon is in talks with JCP about using their store sites.

Esteemed Contributor
Posts: 6,571
Registered: ‎03-09-2010

Re: J C Penney More Stores In Ch.ll USA Today

Boy it is sad to see all the stores that we boomers remember from childhood close.  I miss Sears, Gimbles, Montgomery Ward. More closing in the future I'm sure. 

Valued Contributor
Posts: 860
Registered: ‎04-07-2011

Re: J C Penney More Stores In Ch.ll USA Today

[ Edited ]

No surprise to fellow Illinoisians. These Storefront/anchor stores have been disappearing everywhere over the past 10 years. They're online sales are flourishing. Not everything is that exasperating. 

Honored Contributor
Posts: 10,619
Registered: ‎09-22-2010

Re: J C Penney More Stores In Ch.ll USA Today

Both J C Penney and Sears closed by me years ago (PNW).

Honored Contributor
Posts: 37,825
Registered: ‎01-08-2011

Re: J C Penney More Stores In Ch.ll USA Today


@godi wrote:

Boy it is sad to see all the stores that we boomers remember from childhood close.  I miss Sears, Gimbles, Montgomery Ward. More closing in the future I'm sure. 


@godi 

 

I remember when the CEO of JCP decided to "discount items on the floor" and quit printing coupons.  

He didn't realize we were a coupon society (about 8-9 years ago and suddenly, their parking lots were empty.  I could see their upper front from where I parked when I worked for Belk after hurting my back at Dillards.

It was SO sad!!!

Valued Contributor
Posts: 860
Registered: ‎04-07-2011

Re: J C Penney More Stores In Ch.ll USA Today

@DiAnne  Yes! Sears closed their last Anchor Store in Schaumburg, Illinois. I remember the days of a Sunday afternoon trip to Sears Roebuck "downtown". Nobody from Chicago will ever call the Sears Tower, "Willis Tower" Just like no true Chicago native would call it Chitown..that would bring on serious eye rolling. Just sayin' 

Valued Contributor
Posts: 860
Registered: ‎04-07-2011

Re: J C Penney More Stores In Ch.ll USA Today

@godi  I was a Senior Executive in the Law Department of Montgomery Ward. I left because I decided to transition into Family Law. I loved working for MW! Remember the big catalogs that they tried to compete with Sears Big Christmas Book? 

Honored Contributor
Posts: 31,607
Registered: ‎03-20-2010

Re: J C Penney More Stores In Ch.ll USA Today


@ECBG wrote:

@godi wrote:

Boy it is sad to see all the stores that we boomers remember from childhood close.  I miss Sears, Gimbles, Montgomery Ward. More closing in the future I'm sure. 


@godi 

 

I remember when the CEO of JCP decided to "discount items on the floor" and quit printing coupons.  

He didn't realize we were a coupon society (about 8-9 years ago and suddenly, their parking lots were empty.  I could see their upper front from where I parked when I worked for Belk after hurting my back at Dillards.

It was SO sad!!!


@ECBG 

 

That was the beginning of the end when they hired that idiot from Apple---he destroyed coupons and everything that the customers liked....now the stores a shadow of their former selves...JCP used to be #1 in Home items like drapes, currents, towels, and other bath and kitchen accessories---now all the stores near me have hardly any of these items....  ITS SO SAD! 

Animals are reliable, full of love, true in their affections, grateful. Difficult standards for people to live up to.”
Esteemed Contributor
Posts: 6,445
Registered: ‎10-03-2014

Re: J C Penney More Stores In Ch.ll USA Today

Penney's has had problems for quite some time. They need money to turn around and when enough isn't coming in, banks and investors are hesitant to get involved, they can't invest in making necessary changes.  

 

Bankruptcy is clearing out much of their debt, but how will JCP do going forward?

 

Once a company begins showing decreased sales for a few years, they sometimes are unable to pull out of it.  Customer "word of mouth" is very powerful.  Shoppers often won't continue buying when they hear negative feedback from others. Research shows it takes up to 10 years to restore their good image.

 

I think Amazon has been the cause of some retailers to close.  Walmart was accused of this for some time, but its target market is low income even though all incomes shop there.  Amazon targets all incomes with some retailers accusing it of becoming a retail monopoly. 

 

Now, Amazon wants some of JCP's stores.  Amazon always seems to be nipping at other retailers' heels hoping to swallow them up.  

 

Maybe, it should be broken up to give other retailers a fair competitive marketplace.  

 

 

 

Honored Contributor
Posts: 37,825
Registered: ‎01-08-2011

Re: J C Penney More Stores In Ch.ll USA Today

@Spurt 

 

Absolutely right.  People make mistakes, and his bad decision hurt many people.  Hopefully, those associates will find something else they enjoy.

 

I love retail, I love the warmth in people, but having retired from teaching, I don't need to work.  I just can't get enough working with color which I adore, if I stay home.