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Friday
Mar172017

JCPenny to Close Easley Store as Part of Nationwide Cuts

JCPenney has released the list of 138 stores it plans to close in an effort to cut costs and grow sales at its strongest locations, and the Easley store is on the list. The Charleston store in Citadel Mall is the only other South Carolina store closing on the list.

The release comes a few weeks after Penney's said it would close up to 140 stores this year, following similar decisions from Macy's and Sears. Between the companies' four biggest chains, which include Sears' Kmart brand, more than 300 big-box stores will go dark this year alone.

The closures highlight the pressures on traditional department stores, which are losing market share to off-price competitors and Amazon. They also underscore the deteriorating economics at lower-quality shopping centers, whose risk of failure rises when an anchor tenant exits.

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

The company said at that time that most of its closures would occur in the second quarter. Liquidations will start April 17, it said Friday.

Penney's expects to save roughly $200 million a year by exiting these locations, which contributed less than 5 percent of its annual sales. It plans to invest in its best stores and digital operations while whittling down $4.3 billion in long-term debt.

Roughly 5,000 jobs will be affected by the closures, Penney's said Friday. At the time of its initial announcement, the company said it would provide some 6,000 employees with a "voluntary early retirement program," depending on their age and tenure. Eligible employees have until March 31 to decide whether they will accept the package, a spokeswoman said.

In addition to that offer, Penney's said Friday that it is trying to relocate certain leaders and will provide outplacement support services for eligible workers.

The moves will result in a pretax charge of roughly $225 million in the first half of fiscal 2017.

In addition to its store closures, Penney's is shutting down one supply chain facility in Lakeland, Fla., and relocating another in Buena Park, Calif.

Wall Street is already speculating that more closures could be ahead. At a recent meeting with analysts in New York City, Penney's said it is testing the rollout of Sephora beauty shops and home appliances in its smaller stores. Those categories have been fueling sales growth at the company's bigger locations.

Cowen and Co. analyst Oliver Chen warned if the tests are not successful, Penney's may need to close additional stores in the future.

More closures are already expected at Macy's. The chain has so far announced just 68 of the 100 locations it plans to exit, and said last month that the remainder of those stores will go dark "over the next few years."

List of JC Penney upcoming store closures

Mall/Shopping Center 
City 
State 
Auburn Mall Auburn AL
Tannehill Promenade Bessemer AL
Gadsden Mall Gadsden AL
Jasper Mall Jasper AL
Military Plaza Benton AR
Chickasaw Plaza Blytheville AR
Riverview Mall Bullhead City AZ
Downtown Bishop Bishop CA
Sunwest Plaza Lodi CA
The Village at Orange Orange CA
Hilltop Mall Richmond CA
Fort Morgan Main St. Fort Morgan CO
Glenwood Springs Mall Glenwood Springs CO
St. Vrain Centre Longmont CO
Broadway Plaza Sterling CO
Connecticut Post Mall Milford CT
Jacksonville Regional Shopping Center Jacksonville FL
Palatka Mall Palatka FL
Dublin Mall Dublin GA
Macon Mall Macon GA
Milledgeville Mall Milledgeville GA
Gateway Plaza Thomasville GA
Tifton Mall Tifton GA
Downtown Decorah Decorah IA
Crossroads Mall Fort Dodge IA
Penn Central Mall Oskaloosa IA
Quincy Place Ottumwa IA
Snake River Plaza Burley ID
Eastland Mall Bloomington IL
Fulton Square Canton IL
Village Square Mall Effingham IL
Freestanding Macomb IL
Peru Mall Peru IL
Northland Mall Sterling IL
Centerpointe of Woodridge Woodridge IL
FairOaks Mall Columbus IN
Connersville Plaza Connersville IN
Huntington Plaza Huntington IN
Jasper Manor Center Jasper IN
Logansport Mall Logansport IN
Chanute Square Chanute KS
Downtown Great Bend Great Bend KS
Hutchinson Mall Hutchinson KS
Freestanding Lawrence KS
Winfield Plaza Winfield KS
Cortana Mall Baton Rouge LA
Park Terrace DeRidder LA
North Shore Square Slidell LA
Berkshire Mall Lanesborough MA
Easton Marketplace Easton MD
Rockland Plaza Rockland ME
Lakeview Square Mall Battle Creek MI
Delta Plaza Escanaba MI
Westshore Mall Holland MI
Copper Country Mall Houghton MI
Birchwood Mall Kingsford MI
Midland Mall Midland MI
Cascade Crossings Sault Ste. Marie MI
Central Lakes Crossing Baxter MN
Five Lakes Centre Fairmont MN
Faribo West Mall Faribault MN
Irongate Plaza Hibbing MN
Hutchinson Mall Hutchinson MN
Red Wing Mall Red Wing MN
Downtown Thief River Falls Thief River Falls MN
Freestanding Winona MN
Maryville Center Maryville MO
Leigh Mall Columbus MS
Southgate Plaza Corinth MS
Greenville Mall Greenville MS
Bonita Lakes Mall Meridian MS
Oxford Mall Oxford MS
Capital Hill Mall Helena MT
Sidney Main Street Sidney MT
Albemarle Crossing Albemarle NC
Boone Mall Boone NC
Eastridge Mall Gastonia NC
Blue Ridge Mall Hendersonville NC
Monroe Crossing Monroe NC
Becker Village Mall Roanoke Rapids NC
Prairie Hills Mall Dickinson ND
Buffalo Mall Jamestown ND
Downtown Wahpeton Wahpeton ND
Fremont Mall Fremont NE
Downtown McCook McCook NE
Platte River Mall North Platte NE
Rio Grande Plaza Rio Grande NJ
The Boulevard Las Vegas NV
Dunkirk-Fredonia Plaza Dunkirk NY
Westfield Sunrise Massapequa NY
Palisades Center West Nyack NY
Findlay Village Mall Findlay OH
New Towne Mall New Philadelphia OH
Richmond Town Square Richmond Heights OH
St. Mary's Square St. Marys OH
Altus Plaza Altus OK
Ne-Mar Shopping Center Claremore OK
Ponca Plaza Ponca City OK
Pioneer Square Shopping Center Stillwater OK
Astoria Downtown Astoria OR
Grants Pass Shopping Center Grants Pass OR
La Grande Downtown La Grande OR
Downtown Pendleton Pendleton OR
The Dalles Main Street The Dalles OR
Columbia Mall Bloomsburg PA
Clearfield Mall Clearfield PA
King of Prussia Mall King of Prussia PA
Philadelphia Mills Philadelphia PA
Bradford Towne Centre Towanda PA
Lycoming Mall Pennsdale PA
Willow Grove Park Willow Grove PA
Citadel Mall Charleston SC
Town 'N Country Easley SC
Palace Mall Mitchell SD
Northridge Plaza Pierre SD
Watertown Mall Watertown SD
Yankton Mall Yankton SD
Greeneville Commons Greeneville TN
Knoxville Center Knoxville TN
County Market Place Union City TN
Athens Village Shopping Center Athens TX
Borger Shopping Plaza Borger TX
Heartland Mall Early TX
El Paso Downtown El Paso TX
Marshall Mall Marshall TX
McAllen Downtown McAllen TX
University Mall Nacogdoches TX
King Plaza Shopping Center Seguin TX
Bosque River Center Stephenville TX
New River Valley Mall Christiansburg VA
Tanglewood Mall Roanoke VA
Pilchuck Landing Snohomish WA
Pine Tree Mall Marinette WI
Marshfield Mall Marshfield WI
Richland Square Shopping Center Richland Center WI
Rapids Mall Wisconsin Rapids WI
Foxcroft Towne Center Martinsburg WV

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