Department store chain names stores being closed
A national department store chain is shuttering a pair of locations in West Michigan.
Plano, Texas-based J.C. Penny Company said today it is closing 138 stores, including locations in Holland and Battle Creek.
The company announced last month its intention to close 130-140 stores, saying then the list of locations would be released later.
Other Michigan locations to close will be Escanaba, Houghton, Kingsford, Midland and Sault Ste. Marie.
The store closures are expected to begin in June, with most liquidation sales beginning in April.
The closings represent about 14 percent of the company’s stores and 5 percent of revenue.
J.C. Penney Company is also closing a supply chain facility in Lakeland, Florida and relocating another in Buena Park, California.
The company said today the moves are likely to affect 5,000 employees, which will receive support from the retailer.
The company expects to save about $200 million annually through the moves.
“Closing a store is never an easy decision, especially given the local impact on valued employees and our most loyal shoppers,” J.C. Penney Company Chairman and CEO Marvin Ellison said last month.
“While any actions that reduce or exclude our presence in communities across the country is always difficult, it is essential that J.C. Penney continues to evolve in order to achieve long-term growth and profitability and deliver on shareholder value.”