J.C. Penney says it will close just 18 department stores, in addition to nine home and furniture shops, in 2019.
The retailer is still operating more than 800 locations across the country, and that's likely too many, as fewer shoppers head to antiquated malls to shop. And the department store sector as a whole is increasingly under pressure, with the brands found within those stores selling more directly to consumers, and as more sales moving online to behemoths like Amazon and Walmart.
"I think as we go forward — as we mentioned, we're closing 18 [stores] this year," Treasurer Trent Kruse told analysts."I think it's safe to assume that as you roll into 2020 and future years, it's likely to see some continuation of that effort. [It's] hard to say now, but I think that's a fair read."
forgot this store existed
Sad!
They pay a slave wage & treat their employees like crap! Bye jcpnews
That’s sad. Not that I ever go to the local mall, but still sad.
I never did like Penny’s. I haven’t shopped there in decades.
Expect it to go under
I was more shocked JC Penney was still around.
DeathOfRuralMalls
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