PLANO (WBAP/KLIF News) – J.C. Penney announced today that it’s closing more stores in an effort to compete with online retailers. The Plano based retailer plans to close between 130-140 stores over the next few months, in addition to two distribution centers in Florida and California.
Marvin R. Ellison, chairman and chief executive officer of JCPenney said “We believe the relevance of our brick and mortar portfolio will be driven by the implementation of these initiatives consistently to a larger percent of our stores. Therefore, our decision to close stores will allow us to raise the overall brand standard of the Company and allocate capital more efficiently.”
The company says about 6,000 affected employees will be offered early retirement buyouts. Associates impacted by the store and distribution center closures will receive separation benefits, which includes assistance in finding other employment opportunities and outplacement services such as resume writing and interview preparation. Eligibility for the Voluntary Early Retirement Program (VERP) will generally include home office, stores and supply chain personnel who met certain criteria related to age and years of service as of Jan. 31.
There is now word yet on whether any Texas stores will be closed.
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