J.C. Penney closing stores in Media, Vineland
J.C. Penney Co. said it will close 40 stores this year - including stores at the Granite Run Mall in Media, and the Cumberland Mall in Vineland - as the department-store chain continues its attempted turnaround.
J.C. Penney Co. said it will close 40 stores this year - including stores at the Granite Run Mall in Media, and the Cumberland Mall in Vineland - as the department-store chain continues its attempted turnaround.
The closings represent about 4 percent of 1,062 locations at the end of the third quarter of 2014.
The retailer said in an e-mailed statement that it will try to find jobs at other locations for the 2,250 associates who work at the stores and offer separation benefits for those who leave the chain.
Pennsylvania was hit hardest by the closings, with stores also shutting in State College, York, Chambersburg and Hummels Warf.
The retailer said earlier this week that holiday same-store sales rose 3.7 percent, triggering a 20 percent gain in the stock.
- Bloomberg News