J.C. Penney Co., the department-store chain that filed for Chapter 11 bankruptcy on Friday, said it will close about 29% of its stores.
The retailer will reduce its store count to about 604, down from the 846 it currently has across the U.S, according to a company filing on Monday. In fiscal 2019, those locations brought in $9.2 billion in net sales. With the smaller store fleet, it expects net sales of $7.5 billion. It will also close two of its distribution centers.
The remaining stores, which made up 82% of net fiscal 2019 sales, “represent the highest sales-generating, most profitable, and most productive stores in the network,” according to the company filing.
The filing said that 192 closures would take place in fiscal 2020, with the closing and sale of 50 more company-owned stores the following year. The company is in the process of determining when and which stores will be closed.
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7 comments:
Americans can no longer afford the luxury of JC Penney. They will be left with the “company store” (communism) which is Walmart.
"..They will be left with the “company store” (communism) which is Walmart.."
Or even worse-- Amazon.
At least with Amazon you don't have to actually see your miserable fellow Proletariat Comrades.
I have never found shopping to be a pass time I have more interesting things to do. When I buy something I have done the research and know what I want. I don't need customer service to make me feel special about parting with my money. It amazes me the people that will not use self check because they think they are paying for service and than the pull out a fist full of coupons hold up the line and don't even pitch in and bag their own groceries.
Thank you Jeff Bezos, while you count your billions another icon hits the dirt.
People will very soon regret buying anything from Amazon and it will be too late.
Thank you 441 for telling all of us what YOU think folks should do as well as how YOU feel.
As punishment for giving us something we didn't request, you will stand at a self service register, smile and thank each user for shopping at CVS
With the company store (Walmart) at least we won't be touching virus contaminated cash! We can use our working credits towards our food and clothing.
The time has come for a cashless society. Just think how this would cut into crime. Authorities could see every drug transaction with the electronic transfers.
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