JC Penney Closing Down and Laying Off Employees

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Do you shop at JC Penney? Looks like you’re going to have to switch up your favorite major department store. Do you work at JC Penney? Looks like you’re going to have to find a new job.

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J.C. Penney said Wednesday it will close 33 underperforming stores and lay off 2,000 employees as the venerable but troubled retailer continues a sweeping turnaround effort. The company said the closings will save about $65 million a year beginning in 2014. It will take pretax charges of $26 million in the fourth quarter and $17 million in the first quarter. The stores are expected to be closed by May. Read More on USA TODAY.

J. C. Penney Company, Inc., known as JCPenney (or JCP for short), is a chain of American mid-range department store based inPlano, Texas. The company operates 1,107 department stores in all 50 U.S. states and Puerto Rico, and previously operated a catalog business and several discount outlets.[4] In addition to selling conventional merchandise, JCPenney stores often house several leased departments such as SephoraSeattle’s Best Coffeeoptical centers, portrait studios, and jewelry repair.

Most JCPenney stores are located in suburban shopping malls. Before 1966, most of its stores were located in downtown areas. As shopping malls became more popular in the latter half of the 20th century, JCPenney followed the trend by relocating and developing stores to anchor the malls. In more recent years, the chain has continued to follow consumer traffic, echoing the retailing trend of opening some standalone stores, including some next door to competitors. Certain stores are located in power centers. The company has been an Internet retailer since 1998. It has streamlined its catalog and distribution while undergoing renovation improvements at store level.

As of September 2013, J.C. Penney’s main competitors are Kohl’sBelk and SearsMontgomery Ward and Mervyn’s were former rivals until 2001 and 2006.

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It hurts to see people losing their jobs because their company was unable to provide people with valuable services and products. However, this puts me in a position to provide value to the people who have lost their jobs. There are many other ways to make money without having to go to a 9 to 5 job.

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2 Comments on "JC Penney Closing Down and Laying Off Employees"

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moneywithmanuel
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I really wish people would open their minds to ways of making money other than having to go to a dead end 9 to 5 J.O.B. (just over broke).
It sucks having to hear about people getting laid off.. especially if they have families to support.

michaelmmosleyy
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Very interesting..

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