J.C. Penney last month said it plans to close as many as 140 stores in the next couple of months. While the company didn’t say how many jobs would be eliminated, it also said early retirement would be offered to 6,000 full-time employees.
The company said it would release the list of stores sometime in mid-March, and we’re close to that. According to Penney, the stores most at risk of closing either require a significant capital investment or have below-average sales.
And according to this Business Insider report, 39 stores – including the location inside The Mall at Barnes Crossing in Tupelo – are most at risk of closing based on the store’s sales data.
Officials at the mall were unavailable for comment.
So, let’s reiterate that the report hasn’t been confirmed by Penney or the mall.
But the report does cite Morningstar Credit Ratings, which said the stores on the list have weaker sales per square foot than J.C. Penney’s average.
And in a bit of irony, Penney expects to have a net increase in hiring because it will have to fill those buyout positions and even counting the job cuts from closed stores.
Penney also will close two distribution centers. It had 105,000 employees at its more than 1,000 nationwide.