Jasper’s JCPenney store located in the Jasper Manor Shopping Center is one of 138 slated to close in the United States and one of five closing in Indiana.
According to the company, as part of a continuing effort to advance sustainable growth and long-term profitability, J. C. Penney Company, Inc. will be closing 138 stores, one supply chain facility in Lakeland, Fla., and relocating one supply chain facility in Buena Park, Calif., to align the company’s physical store footprint and omnichannel network.
Approximately 5,000 positions nationwide will be impacted by the store closures, most of which will occur in June. JCPenney is in the process of identifying relocation opportunities within the Company for esteemed leaders. Additionally, JCPenney will provide outplacement support services for those eligible associates who will be leaving the Company. Most affected stores will begin the liquidation process on April 17.
“In 2016, we achieved our $1 billion EBITDA target and delivered a net profit for the first time since 2010; however, we believe we must take aggressive action to better align our retail operations for sustainable growth. During the year, it became evident the stores that could fully execute the company’s growth initiatives of beauty, home refresh and special sizes generated significantly higher sales, and a more vibrant in-store shopping environment,” said Marvin R. Ellison, chairman and chief executive officer of JCPenney in a February press release about the closures. “We believe the relevance of our brick and mortar portfolio will be driven by the implementation of these initiatives consistently to a larger percent of our stores. Therefore, our decision to close stores will allow us to raise the overall brand standard of the Company and allocate capital more efficiently.”