The store is apparently still struggling in its profits. The retailer said that the closings will save them up to $65 million annually. This will help close a gap left by a dismal third quarter in 2012 when sales plummeted by a third. The ousting of former CEO Ron Johnson after holding the job for 17 months was the blame for the massive losses.
Chief Executive Mike Ulman III made the announcement about the closings:
"As we continue to progress toward long-term profitable growth, it is necessary to re-examine the financial performance of our store portfolio and adjust our national footprint accordingly."
It seems like the retailer has been struggling not only with finances, but with its branding as well. The store revamped itself two years ago to attract younger shoppers. They restored visual displays and store brands like St. John's Bay. They even changed their slogan three times in those past few years.
A spokesperson said that the JCPenney store closings won't be completed until May. Shoppers have plenty of time to frequent the liquidation sales in their area. Laid-off employees will receive separation benefits. Check out the full list of stores to be closed at UPI News.