FILE - In this Friday, Oct. 23, 2009 file photo, shoppers visit a J.C. Penney store in New York. J.C. Penney Co. is reporting a 78 percent drop in its third-quarter earnings Friday, Nov. 13, 2009, because of a big expense to fund its pension plan. The company announced on Friday, Feb. 24, 2017, that it will be closing between 130 and 140 stores by the end of the second quarter of 2017. (AP Photo/Mark Lennihan, file)
Cox Media Group National Content Desk
J.C. Penney will be closing 130-140 stores in the coming months, the company reported Friday.
"We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers," Chief Executive Officer Marvin Ellison said in a statement.
The company also announce it would launch a voluntary early retirement program for about 6,000 eligible employees.
In addition to the retail stores, the company says it will also close two distribution facilities.
J.C. Penney said it expected annual savings of about $200 million from the cost-cutting measures. A list of the stores to be closed will be released in March, the statement said, after the company notifies its employees. All the stores should be closed in the second quarter of 2017.
The event formerly known as Home World has a new name and new location.Get totally inspired for spring as you find hundreds of ways to improve your home. Make your home the one you really want. Show open daily duringmall hours. Admission is free!
Landscaping and Outdoors
Get ready for Spring and Summer and transform your outdoor space into something that feels like you’re on vacation
Make sure to visit our demonstration stage during the entire show. There will be exciting demonstrations on how to re-purpose and design thanks to Monarch Market Affair.
Meet Barry Williams from The Brady Bunch
Join us as we welcome Me-TV superstar Barry Williams who played the iconic Greg Brady from The Brady Bunch TV Show. Meet him and get an autograph on February 10th stage side at center court in front of Macy’s.
The line will start forming when the Mall Opens, and Barry’s First appearance will be at 11 a.m.
Come prepared with your camera or cell phone for the Meet and Greet.