J C Penney To Close 140 Stores, Any In WNY?
Just weeks after major retailers Sears and Macy's announced widespread nationwide closings, J C Penney has joined them with word that the company is closing 140 stores.
JC Penney has seven stores in this area:
- Boulevard Mall
- Eastern Hills
- McKinley Mall
- Walden Galleria
- Chautauqua Mall
- D & F Plaza in Dunkirk
- Batavia City Center
It's unclear if any of the Buffalo area stores will be closed. The full list of stores to be closed will be released sometime in March.
Some associates will be allowed to participate in an early retirement program. Other employees will be offered severance benefits.
The company said business was down less than one percent. The company did swing from a net loss of $131-million in 2015 to a slight profit in 2016, 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.
For Boulevard and Eastern Hills Malls along with Walden Galleria it would be a double whammy if JC Penney were to be closed. All three are dealing with the recent announcement of the closing of their Sears stores. Now another large footprint at their properties could soon be vacant.
It's 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.