JC Penney Closing 33 Stores, Including Bloomingdale Location
Featured & Trending:
Latest News Headlines:
Get Breaking News First
CHICAGO (CBS) — JC Penney Co. announced that it will be laying off 2,000 workers and closing 33 under-performing stores, including the store at the Stratford Square Mall in Bloomingdale.
The company said it was taking the action to focus on the “highest potential growth opportunities.”
No other Chicago area stores are on the closing list.
JC Penney expects to save $65 million, beginning in 2014.
Eligible associates who do not remain with the company will receive separation benefits packages, the company said.
Meanwhile, Penney’s plans to open a new store location later this year at the Gateway II development in Brooklyn, N.Y.
“As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly,” said Myron E. (Mike) Ullman, III, chief executive officer of JCPenney.