JCPenney releases list of store closures
Kennewick store isn’t on the list
The JCPenney store in Kennewick isn’t among the 138 nationwide to be closed.
The only JCPenney store in the state facing closure is at Pilchuck Landing in Snohomish, north of Seattle, according the company.
The store closures, in addition to the shuttering of a distribution facility in Florida and moving one supply chain facility in California, come as the company seeks to “advance sustainable growth and long-term profitability.”
“We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers,” said CEO Marvin Ellison in a statement.
About 5,000 positions nationwide will be affected by the closures, which will happen in June.
JCPenney is providing outplacement support services for eligible employees. Most affected stores will begin the liquidation process April 17.
The closures will save the company about $200 million annually.
In addition to the closures, the company initiated a voluntary early retirement program for about 6,000 people.
The total store closures represent about 13 to 14 percent of the company’s current store portfolio, less than 5 percent of total annual sales and less than 2 percent of earnings before interest, tax, depreciation and amortization.
