OBAMA'S RECOVERY, BUT NOBODY TOLD J.C. PENNEY
J.C. PENNEY HAD SUCH A GREAT CHRISTMAS SEASON THEY ARE CLOSING 40 STORES & FIRING 2,250 EMPLOYEES
by James Quinn
Yeah. Major retailers always close stores when sales and profits are great. Funny how they decided to announce this one day after the 20% surge in their stock price based on a miniscule increase in comp store sales. The avalanche of store closing announcements from other retailers to follow.
JC Penney to close 40 stores in 2015
J.C. Penney said Thursday it will close about 40 stores over the next year.
The closures, which represent nearly 4 percent of the 1,060 Penney U.S. stores, will affect about 2,250 employees
, according to spokesman Joey Thomas.
Penney’s stock was down 1.8 percent in morning trading Thursday.
Most locations will close on or about April 4, Thomas said.
Read MorePenney soars, but too soon to call victory
“We continually evaluate our store portfolio to determine whether there’s a need to close or relocate underperforming stores,” Thomas said. “Reviews such as these are essential in meeting our long-term goals for future company growth.”
http://www.cnbc.com/id/102321131
The closures, which represent nearly 4 percent of the 1,060 Penney U.S. stores, will affect about 2,250 employees
, according to spokesman Joey Thomas.Penney’s stock was down 1.8 percent in morning trading Thursday.
Most locations will close on or about April 4, Thomas said.
Read MorePenney soars, but too soon to call victory
“We continually evaluate our store portfolio to determine whether there’s a need to close or relocate underperforming stores,” Thomas said. “Reviews such as these are essential in meeting our long-term goals for future company growth
.”http://www.cnbc.com/id/102321131
Read more at http://investmentwatchblog.com/j-c-penney-had-such-a-great-christmas-season-they-are-closing-40-stores-firing-2250-employees/#UkO0GLxTbEpUD3TL.99
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