Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
JC Penney to Close 13-14% of Its Stores
Over the next few months, it also will shut down two distribution facilities as part of a plan to improve profitability.
Plano, Texas--J.C. Penney said it will close 130 to 140 stores over the next few months, continuing a trend of major department stores scaling back on physical locations.
The retailer said it will release the list of exactly which stores will close in mid-March once all affected personnel have been notified. The bulk of the stores are expected to close in the second quarter.
The stores identified for closure either would require significant capital to be updated to the new brand standard or are minimally cash flow positive relative to the company’s overall consolidated average, J.C. Penney said in a news release. The company said instead it will focus on “redirecting capital resources to invest in locations and initiatives that offer the greatest revenue potential.”
J.C. Penney said the total store closures represent approximately 13 to 14 percent of its current store portfolio, less than 5 percent of total annual sales, less than 2 percent of EBITDA (earnings before interest, tax, depreciation and amortization) and 0 percent of net income.
The annual cost savings resulting from the closures are estimated at approximately $200 million.
Though J.C. Penney did not release the total number of employees affected by the closings, the company said that it will initiate a voluntary early retirement program for approximately 6,000 eligible associates.
A company spokesperson also told National Jeweler they expect a net increase in hiring, as the number of full-time associates expected to take advantage of the early retirement incentive will exceed the number of full-time positions affected by the store closures.
As a result of the store closings, J.C. Penney also will shut down two distribution centers. It will close its Lakeland, Florida center in early June, at which time operations will transfer to the logistics facility in Atlanta, and also is in the process of selling its supply chain facility in Buena Park, California.
The announcement of store closures is just the latest among department stores that are seeing lagging sales.
Others to announce mass store closings include Macy’s and Sears.
J.C. Penney also has released its fourth quarter and full-year results.
Comps for the three-month period ended Jan. 28 were down about 1 percent as were net sales, to $3.96 billion, but J.C. Penney noted that fine jewelry, along with home, Sephora and salon, was one of its top-performing merchandise divisions during the quarter.
Meanwhile, for the 12-month period, comps were flat and
However, J.C. Penney delivered a net profit last year, marking the first time it has done so since 2010.
For the 2017 full year, comps are expected to be in the range of a 1 percent decline to a 1 percent increase.
The Latest
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.