Penney stores in Johnson City, Big Flats to remain open
19 March, 2017, 16:49 | Author: Eloise Marshall
J.C. Penney & Co. announced today that it will close 138 stores by June, including stores in Knoxville, Greeneville and Union City, Tenn.
The J.C Penney stores located in the Merritt Square Mall and the Melbourne Square Mall were not included among the 138 stores the company announced it will close nationwide.
The closings will leave J.C. Penney with about 900 stores. Most affected stores will begin the liquidation process April 17, the company said in a news release.
Last week, Gordmans filed for bankruptcy and will likely close all its locations, including the Grand Forks store.
The Albemarle store - which has operated out of its current location since 1987 - is scheduled to close by mid-September, company officials said.
The cuts represent about 14% of Penney's overall store portfolio that produces about 5% of its total annual sales.
"We believe closing stores will allow us to adjust our business to effectively compete against the growing threat of online retailers", JCPenney CEO Marvin Ellison said in a statement back in February.
Waterville's JC Penney is a landmark store in the Elm Plaza, on upper Main Street near the exit 130 on-ramps for Interstate 95. The mall's Sears store closed about four years ago.
The first JC Penney store opened in Midland in March 1939, on the north corner of Main and Ashman streets, on the first floor of the Reinhart building.
To offset employee displacement, the corporation is offering early retirement incentives to approximately 6,000 eligible associates.
J.C. Penney has released a list of store closures over the next few months in hope of saving roughly $200 million annually.
JCPenney will provide outplacement support services to affected employees.
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