WJAC 6 News - Search Results
J. C. Penney closing stores nationwide, eliminating 2,000 jobs
By: WJAC Web Staff
PLANO, TX -- The J.C. Penney Company announced Wednesday that it will close 33 stores nationwide and reduce its workforce by 2,000, but none of the store closings will take place in west-central Pennsylvania.
In a statement on the companys website, the stores that are closing are underperforming and the closures will allow the company to focus resources on higher growth opportunities.
There are five J.C. Penney stores in the 6 News viewing area, including Altoona, Clearfield, DuBois, Johnstown and State College. None of them were targeted for closure. Three others in Pennsylvania, Exton, Hazelton and Washington will be closed.
The company said the store closures and employee reductions will save approximately $65 million in 2014.
The company said employees who lose their jobs will not remain with the company and will be offered separation benefits packages. The stores are expected to be closed by early May.
"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," said Myron E. Ullman, III, chief executive officer of J.C. Penney. "While it's always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position J.C. Penney for future success."