Penneys closing stores 2017

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JCPenney is closing stores. AP JCPenney has released a list of 138 stores it will close in the next couple of months because of slowing traffic and sales.

The stores represent about 14% of the company’s locations, but account for just 5% of its sales.

About 5,000 employees will lose their jobs as a result of the closures.

JCPenney said it would offer impacted employees “separation benefits,” including assistance getting other jobs.

“We believe closing stores will… allow us to adjust our business to effectively compete against the growing threat of online retailers,” JCPenney CEO Marvin Ellison said in a statement.

Most of the stores will begin liquidation sales April 17 and shut down by June.

Here’s the full list of stores closing.

  • Auburn Mall, Auburn AL
  • Tannehill Promenade, Bessemer, AL
  • Gadsden Mall, Gadsden, AL
  • Jasper Mall, Jasper, AL
  • Military Plaza, Benton, AR
  • Chickasaw Plaza, Blytheville, AR
  • Riverview Mall, Bullhead City, AZ
  • Downtown Bishop, Bishop, CA
  • Sunwest Plaza, Lodi, CA
  • The Village at Orange, Orange, CA
  • Hilltop Mall, Richmond, CA
  • Fort Morgan Main St., Fort Morgan, CO
  • Glenwood Springs Mall, Glenwood Springs, CO
  • St. Vrain Centre, Longmont, CO
  • Broadway Plaza, Sterling, CO
  • Connecticut Post Mall, Milford, CT
  • Jacksonville Regional Shopping Center, Jacksonville, FL
  • Palatka Mall, Palatka, FL
  • Dublin Mall, Dublin, GA
  • Macon Mall, Macon, GA
  • Milledgeville Mall, Milledgeville, GA
  • Gateway Plaza, Thomasville, GA
  • Tifton Mall, Tifton, GA
  • Downtown Decorah, Decorah, IA
  • Crossroads Mall, Fort Dodge, IA
  • Penn Central Mall, Oskaloosa, IA
  • Quincy Place, Ottumwa, IA
  • Snake River Plaza, Burley, ID
  • Eastland Mall, Bloomington, IL
  • Fulton Square Canton, IL
  • Village Square Mall, Effingham, IL
  • Freestanding, Macomb, IL
  • Peru Mall, Peru, IL
  • Northland Mall, Sterling, IL
  • Centerpointe of Woodridge, Woodridge, IL
  • FairOaks Mall, Columbus, IN
  • Connersville Plaza, Connersville, IN
  • Huntington Plaza, Huntington, IN
  • Jasper Manor Center, Jasper, IN
  • Logansport Mall, Logansport, IN
  • Chanute Square, Chanute, KS
  • Downtown Great Bend, Great Bend, KS
  • Hutchinson Mall, Hutchinson, KS
  • Freestanding, Lawrence, KS
  • Winfield Plaza, Winfield, KS
  • Cortana Mall, Baton Rouge, LA
  • Park Terrace, DeRidder, LA
  • North Shore Square, Slidell, LA
  • Berkshire Mall, Lanesborough, MA
  • Easton Marketplace, Easton, MD
  • Rockland Plaza, Rockland, ME
  • Lakeview Square Mall, Battle Creek, MI
  • Delta Plaza, Escanaba, MI
  • Westshore Mall, Holland, MI
  • Copper Country Mall, Houghton, MI
  • Birchwood Mall, Kingsford, MI
  • Midland Mall, Midland, MI
  • Cascade Crossings, Sault Ste. Marie, MI
  • Central Lakes Crossing, Baxter, MN
  • Five Lakes Centre, Fairmont, MN
  • Faribo West Mall, Faribault, MN
  • Irongate Plaza, Hibbing, MN
  • Hutchinson Mall, Hutchinson, MN
  • Red Wing Mall, Red Wing, MN
  • Downtown Thief River Falls, Thief River Falls, MN
  • Freestanding, Winona, MN
  • Maryville Center, Maryville, MO
  • Leigh Mall, Columbus, MS
  • Southgate Plaza, Corinth, MS
  • Greenville Mall, Greenville, MS
  • Bonita Lakes Mall, Meridian, MS
  • Oxford Mall, Oxford, MS
  • Capital Hill Mall, Helena, MT
  • Sidney Main Street, Sidney, MT
  • Albemarle Crossing, Albemarle, NC
  • Boone Mall, Boone, NC
  • Eastridge Mall, Gastonia, NC
  • Blue Ridge Mall, Hendersonville, NC
  • Monroe Crossing, Monroe, NC
  • Becker Village Mall, Roanoke Rapids, NC
  • Prairie Hills Mall, Dickinson, ND
  • Buffalo Mall, Jamestown, ND
  • Downtown Wahpeton, Wahpeton, ND
  • Fremont Mall, Fremont, NE
  • Downtown McCook, McCook, NE
  • Platte River Mall, North Platte, NE
  • Rio Grande Plaza, Rio Grande, NJ
  • The Boulevard, Las Vegas, NV
  • Dunkirk-Fredonia Plaza, Dunkirk, NY
  • Westfield Sunrise, Massapequa, NY
  • Palisades Center, West Nyack, NY
  • Findlay Village Mall, Findlay, OH
  • New Towne Mall, New Philadelphia, OH
  • Richmond Town Square, Richmond Heights, OH
  • St. Mary’s Square, St. Mary’s, OH
  • Altus Plaza, Altus, OK
  • Ne-Mar Shopping Center, Claremore, OK
  • Ponca Plaza, Ponca City, OK
  • Pioneer Square Shopping Center, Stillwater, OK
  • Astoria Downtown, Astoria, OR
  • Grants Pass Shopping Center, Grants Pass, OR
  • La Grande Downtown, La Grande, OR
  • Downtown Pendleton, Pendleton, OR
  • The Dalles Main Street, The Dalles, OR
  • Columbia Mall, Bloomsburg, PA
  • Clearfield Mall, Clearfield, PA
  • King of Prussia Mall, King of Prussia, PA
  • Philadelphia Mills, Philadelphia, PA
  • Bradford Towne Centre, Towanda, PA
  • Lycoming Mall, Pennsdale, PA
  • Willow Grove Park, Willow Grove, PA
  • Citadel Mall, Charleston, SC
  • Town ‘N Country, Easley, SC
  • Palace Mall, Mitchell, SD
  • Northridge Plaza, Pierre, SD
  • Watertown Mall, Watertown, SD
  • Yankton Mall, Yankton, SD
  • Greeneville Commons, Greeneville, TN
  • Knoxville Center, Knoxville, TN
  • County Market Place, Union City, TN
  • Athens Village Shopping Center, Athens, TX
  • Borger Shopping Plaza, Borger, TX
  • Heartland Mall, Early, TX
  • El Paso Downtown, El Paso, TX
  • Marshall Mall, Marshall, TX
  • McAllen Downtown, McAllen, TX
  • University Mall, Nacogdoches, TX
  • King Plaza Shopping Center, Seguin, TX
  • Bosque River Center, Stephenville, TX
  • New River Valley Mall, Christiansburg, VA
  • Tanglewood Mall, Roanoke, VA
  • Pilchuck Landing, Snohomish, WA
  • Pine Tree Mall, Marinette, WI
  • Marshfield Mall, Marshfield, WI
  • Richland Square Shopping Center, Richland Center, WI
  • Rapids Mall, Wisconsin Rapids, WI
  • Foxcroft Towne Center, Martinsburg, WV
  • Downtown Sheridan, Sheridan, WY

Personal Finance

America’s top retailers in trouble

JCPenney posted a list of the stores it plans to close this year.

The department store chain announced in February that it’ll shutter up to 140 storefronts, and on Friday JCPenney (JCP) revealed the names of 138 stores that are getting the ax.

It’s just the latest sign of the struggles plaguing brick-and-mortar retailers as they try to compete with e-commerce masters like Amazon (AMZN).

Related: There is a retail bubble — and it’s bursting

And there are more signs of trouble. Target’s (TGT) latest earnings report showed measly holiday sales, sending its stock tumbling. Neiman Marcus recently put itself up for sale. Staples said on March 9 that it’s closing 70 more of its stores, and The Limited said in January that its closing all of its retail locations.

Here’s a list of the J.C. Penney stores that are going dark.

Alabama

Auburn Mall (Auburn, Alabama), Tannehill Promenade (Bessemer), Gadsen Mall (Gadsen) and Jasper Mall (Jasper).

Arkansas

Military Plaza (Benton, Arkansas), Chickasaw Plaza (Blytheville)

Arizona

Riverview Mall (Bullhead City, Arizona)

California

Downtown Bishop (Bishop, California), Sunwest Plaza (Lodi), The Village at Orange (Orange), Hilltop Mall (Richmond)

Colorado

Connecticut

Connecticut Post Mall (Milford, Connecticut)

Florida

Jacksonville Regional Shopping Center (Jacksonville, Florida), Palatka Mall (Palatka)

Georgia

Iowa

Downtown Decorah (Decorah, Iowa), Crossroads Mall (Fort Dodge),Penn Central Mall (Oskaloosa), Quincy Place (Ottumwa)

Idaho

Snake River Plaza (Burley, Idaho)

Illinois

Indiana

Kansas

Chanute Square (Chanute, Kansas), downtown Great Bend, Hutchinson Mall (Hutchinson), freestanding store in Lawrence, Winfield Plaza (Winfield)

Louisiana

Cortana Mall (Baton Rouge, Louisiana), Park Terrace (DeRidder), North Shore Square (Slidell)

Massachusetts

Berkshire Mall (Lanesborough, Massachusetts)

Maryland

Easton Marketplace (Easton, Maryland)

Maine

Rockland Plaza (Rockland, Maine)

Michigan

Minnesota

Missouri

Maryville Center (Maryville, Missouri)

Mississippi

Montana

Capital Hill Mall (Helena, Montana), Sidney Main Street (Sidney)

North Carolina

North Dakota

Prairie Hills Mall (Dickinson, North Dakota), Buffalo Mall (Jamestown), downtown Wahpeton

Nebraska

Fremont Mall (Fremont, Nebraska), downtown McCook, Platte River Mall (North Platte)

New Jersey

Rio Grande Plaza (Rio Grande, New Jersey)

Nevada

The Boulevard (Las Vegas, Nevada)

New York

Dunkirk-Fredonia Plaza (Dunkirk, New York), Westfield Sunrise (Massapequa), Palisades Center (West Nyack)

Ohio

Oklahoma

Oregon

Downtown Astoria, Grants Pass Shopping Center (Grants Pass, Oregon), downtown La Grande, downtown Pendleton, The Dalles Main Street (The Dalles)

Pennsylvania

South Carolina

Citadel Mall (Charleston, South Carolina), Town ‘N Country (Easley)

South Dakota

Palace Mall (Mitchell, South Dakota), Northridge Plaza (Pierre), Watertown Mall (Watertown), Yankton Mall (Yankton)

Tennessee

Greeneville Commons (Greeneville, Tennessee), Knoxville Center (Knoxville), County Market Place (Union City)

Texas

Virginia

New River Valley Mall (Christiansburg, Virginia), Tanglewood Mall (Roanoke)

Washington

Pilchuck Landing (Snohomish, Washington)

Wisconsin

Pine Tree Mall (Marinette, Wisconsin), Marshfield Mall (Marshfield), Richland Square Shopping Center (Richland Center), Rapids Mall (Wisconsin Rapids)

West Virginia

Foxcroft Towne Center (Martinsburg)

Wyoming

Downtown Sheridan

CNNMoney (New York) First published March 17, 2017: 1:16 PM ET

J.C. Penney announced it would close 140 stores and two distribution centers last month amid cratering sales and lower-than-expected earnings. On Friday the company released the list of specific store closures — all the way from Washington state to Florida, CBS Dallas reported.

Confirmed: These J.C. Penney stores are closing

UPDATE: Liquidation sales at these locations have been postponed until May 22 and store closures have been pushed back to July 31. The reason? People suddenly started shopping these stores again! More details here.

J.C. Penney has announced a list of the nearly 140 stores that are closing as the department store chain tries to better compete with online retailers.

In February, J.C. Penney revealed that it would shutter between 130 and 140 stores so it could ‘redirect capital resources to invest in locations and initiatives that offer the greatest revenue potential.’

Read more: These major retailers are closing stores in 2017

J.C. Penney confirms 138 store closings

On March 17, J.C. Penney released a .pdf file that lists the 138 impending store closures.

Look for the liquidation process to start at most affected stores on April 17.

After several weeks of discounts, doors will close on these locations in June for the last time ever.

One supply chain facility in Lakeland, Florida, is also shutting down in addition to the stores listed below.

Unfortunately, some 5,000 jobs will be cut from the company’s payroll as a result of these closures.

The company has said it will provide relocation opportunities within the company ‘for esteemed leaders.’ Outplacement support services will be available for those associates not staying on with the company in another location.

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Here’s a list of the closures:

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Expect More Store Closings at J.C. Penney and Macy’s

Over the past couple of years, J.C. Penney ‘s (NYSE: JCP) financial results have gone from bad to worse. Macy’s (NYSE: M) has done a little better, returning to comp sales growth in late 2017, but sales trends slowed last quarter and its pre-tax margin has continued to sink.

Executives at both companies are working to drive better sales trends (and thus better earnings results). Macy’s is further ahead in this respect, while new J.C. Penney CEO Jill Soltau is still finalizing her strategy. However, both chains have also announced a handful of store closures this year as part of their turnaround plans. And while maintaining scale is important for Macy’s and J.C. Penney, there are probably a lot more store closures ahead for both of them.

A look at why Macy’s and J.C. Penney are closing stores

Macy’s closed more than five dozen stores in 2017. Its store closure activity has moderated since then. Earlier this year, Macy’s announced that it would close eight stores in 2019 . Most of the eight stores are in oversaturated markets where the company likely has too many locations. (In fact, four of the stores set to close are within five miles of another Macy’s store.) The only real exception was the Macy’s store in Casper, Wyoming, a small market that the chain is exiting.

Macy’s closed a large number of stores in 2017. Image source: Macy’s.

Meanwhile, J.C. Penney announced in January that it would close at least three stores in 2019, but hinted that the number would probably be higher. Last week, it confirmed that it will close 18 full-line stores this year, as well as nine home and furniture stores. Management indicated that these stores have low sales productivity and are facing steep comp sales declines.

J.C. Penney hasn’t provided a list of all the stores it is closing, but the identities of most of the affected stores have trickled out in the past few days. Many of the stores are in struggling malls that have already lost one or more anchors, such as Cary Towne Center in Cary, North Carolina; Midway Mall in Elyria, Ohio; and The Orchards Mall in Benton Harbor, Michigan. Others are small-town stores or stores that the company has probably sold for redevelopment.

It’s also no surprise that J.C. Penney is closing nine home and furniture stores. The company recently decided to stop selling appliances and move to online-only sales of furniture (except in Puerto Rico). The remaining merchandise from these locations can be consolidated into nearby full-line stores.

Lease expirations could drive further store closures

While Macy’s and J.C. Penney own many of their stores, they also lease hundreds of stores from mall owners and other landlords. It rarely makes sense for either company to close a store if it would have to continue paying rent for that location.

As a result, Macy’s and J.C. Penney haven’t eliminated all of their underperforming stores. But as store leases expire, it makes more sense to close locations with weak sales trends. That means investors should expect both chains to continue closing a handful of stores each year for the next few years.

Balancing real estate value against retail value

A second factor that could cause Macy’s and J.C. Penney to close stores is that the real estate value of many of their stores outweighs the value of keeping them in operation.

Executives at both companies have noted that having big store fleets is important for holding on to customers who may use nearby stores for online order pickup and returns. That said, there are many markets where Macy’s and J.C. Penney have numerous stores and could close some while still giving customers plenty of convenient options. (That’s especially true for the dozens of home and furniture stores that Macy’s still operates.)

Given that certain stores could be quite valuable to mall owners or other real estate investors, it makes sense for both struggling department store operators to opportunistically sell and close some stores in the coming years. Finding sources of cash is particularly urgent for J.C. Penney, which is carrying far too much debt.

J.C. Penney may want to sell some of its more valuable stores to pay down debt. Image source: J.C. Penney.

What happens in the next downturn?

The third and most important reason why Macy’s and J.C. Penney are likely to close a lot more stores in the years ahead is that industry conditions will worsen in the next economic downturn. Stores with steadily declining sales today will presumably see even faster sales erosion in a period when consumer spending isn’t rising quickly.

Moreover, both chains primarily operate mall-based stores, making them reliant on the health of those malls. If a slew of other tenants shutter their locations at a given mall due to plunging sales, it will make a lot less sense for Macy’s or J.C. Penney to stick around.

There is certainly some logic for the department store chains to maintain broad store footprints so they can stay close to customers. However, smaller stores or entirely new store formats may be more appropriate ways to meet that goal. Keeping enormous stores in sick and dying malls doesn’t make sense in the long run, and that means Macy’s and J.C. Penney still have a lot of store closures ahead of them.

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Adam Levine-Weinberg owns shares of J.C. Penney and Macy’s. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.