J C Penney Closing One Buffalo-Area Store
It turns out there will be one Western New York J C Penney store that will close in the retailer's latest round of closings. The company announced last month that as many as 140 stores will be closing. Among the list of stores to be closed was released late last week and the list of 138 stores included three in New York State including the Dunkirk-Fredonia Plaza.
The company said business was down less than one percent, but discounts dragged down profitability and their women’s clothing business struggled. The company’s stock also fell 1.6 percent.
The closings account for about 14 percent of the company’s total number of stores. The closings are expected to save the company $200-million a year.
Some associates will be allowed to participate in an early retirement program. Other employees will be offered severance benefits.
The closings appear to be another sign that many shoppers are opting to do their shopping online rather than going to brick and mortars stores. Millennials are the driving force behind it. Among shoppers in the 18-34 age group, they do 54 percent of their shopping online, up from 51 percent last year.