J.C. Penney to close up to 140 stores, offer buyouts

[bing101]

http://www.cnbc.com/2017/02/24/jc-penney-earnings-q4-2016.html


http://www.usatoday.com/story/money/2017/02/24/jc-penney-store-closures/98344540/


Wow They were once the biggest stores but now falling apart.

[vdeane]

JCPenney better not close their Crossgates Mall store.  I'd be left with nowhere to shop for clothes.  It's hard to find anything that fits my body properly, fits my lifestyle, doesn't cost 10 million dollars, and actually lasts more than a couple months and is machine washable and dryable (especially in a convenient location).  I can't shop online because it's impossible to tell how something will fit or feel through a computer screen.  I don't understand how anyone can buy any article of clothing online, unless it's something you can't buy anyways or you're just ordering more of something you already have.

[Pink Jazz]

I buy a lot of my IZOD clothes from JCPenney, although I have bought some from Macy's, Kohl's, and Amazon as well.  Even though we don't have stores in Arizona, I have even bought some IZOD clothes from the websites of Belk and Bealls Florida as well.

Of the Arizona stores, I hope they don't close neither the Superstition Springs nor the Mill Crossing locations.  However, if I had to pick only one of the two to stay open, I would prefer they keep Superstition Springs since it is a larger store with more selection, even though I live closer to Mill Crossing.

[hbelkins]

JCPenney better not close their Crossgates Mall store.  I'd be left with nowhere to shop for clothes.  It's hard to find anything that fits my body properly, fits my lifestyle, doesn't cost 10 million dollars, and actually lasts more than a couple months and is machine washable and dryable (especially in a convenient location).  I can't shop online because it's impossible to tell how something will fit or feel through a computer screen.  I don't understand how anyone can buy any article of clothing online, unless it's something you can't buy anyways or you're just ordering more of something you already have.

I like Penney because they have typically carried clothes I like and that fit and don't cost a fortune, although they recently stopped carrying the Towncraft khakis that I've bought from them for years that are my work staple.

As for ordering online, make sure the merchant has a good returns policy and you're OK. When I recently found that Penney no longer carries my Towncraft khakis, I ordered some Dockers that were on sale. They were too big so I had to return them. I actually dropped them off at a retail location and ordered my replacements while I was there, and had them shipped to my home.

[Rothman]

JCPenney better not close their Crossgates Mall store.  I'd be left with nowhere to shop for clothes.  It's hard to find anything that fits my body properly, fits my lifestyle, doesn't cost 10 million dollars, and actually lasts more than a couple months and is machine washable and dryable (especially in a convenient location).  I can't shop online because it's impossible to tell how something will fit or feel through a computer screen.  I don't understand how anyone can buy any article of clothing online, unless it's something you can't buy anyways or you're just ordering more of something you already have.

Kohl's.

[DaBigE]

Anyone else find it strange (maybe even laughable) that they re-introduced appliances into their lineup? I wasn't even alive the last time they sold appliances.

[Brandon]

JCPenney better not close their Crossgates Mall store.  I'd be left with nowhere to shop for clothes.  It's hard to find anything that fits my body properly, fits my lifestyle, doesn't cost 10 million dollars, and actually lasts more than a couple months and is machine washable and dryable (especially in a convenient location).  I can't shop online because it's impossible to tell how something will fit or feel through a computer screen.  I don't understand how anyone can buy any article of clothing online, unless it's something you can't buy anyways or you're just ordering more of something you already have.

Kohl's.

Ugh.  I don't much like Kohl's, and they fail to carry much big & tall.

I suspect that a lot of dead mall stores where they are the last or next to last anchor standing will go.  My candidates for Illinois: Galesburg, Alton, Effingham, and Mt Vernon.

[jp the roadgeek]

Already lost a JC Penney in my area the last wave of closings.  Became our first Boscov's.  I can see a standalone store in Torrington closing.  Wouldn't be surprised if they pull out of Waterbury as well.  Most of the others (Westfarms, Buckland Hills, Trumbull, Danbury, Milford, and Waterford) are safe because they're either in higher end well visited malls, or they're the only location within a 30 mile radius.

[bing101]

I noticed in my area Forever 21 and others have taken over some of the JCPenneys and the shoe palace as destination stores in my area.

But then again I will bet blame Amazon, Wal-Mart, Target, Alibaba and Ebay will all come into play here.

[amroad17]

Anyone else find it strange (maybe even laughable) that they re-introduced appliances into their lineup? I wasn't even alive the last time they sold appliances.

We drove by Florence Mall on Friday the 24th and noticed the banner advertising appliances.  My wife said, "Since when did Penney's start selling appliances?  Did they ever do that before?"  Now she is 50 and I'm 55 and neither one of us can recall Penney's ever selling appliances.

[Brandon]

Anyone else find it strange (maybe even laughable) that they re-introduced appliances into their lineup? I wasn't even alive the last time they sold appliances.

We drove by Florence Mall on Friday the 24th and noticed the banner advertising appliances.  My wife said, "Since when did Penney's start selling appliances?  Did they ever do that before?"  Now she is 50 and I'm 55 and neither one of us can recall Penney's ever selling appliances.

They sold appliances from 1962 to 1983, along with paint & hardware, sporting goods, automotive (with auto centers).  They also sold electronics from 1962 to 1987.

[Rothman]

There were even years when JC Penney dabbled in auto repair...disastrously.  They offered lifetime guarantees...on batteries.  Some local lady got it and has had some ridiculous number of batteries replaced on her very patched-up car over the decades (the guarantee was shifted to other companies as JC got out of the business).

[formulanone]

There were even years when JC Penney dabbled in auto repair...disastrously.  They offered lifetime guarantees...on batteries.  Some local lady got it and has had some ridiculous number of batteries replaced on her very patched-up car over the decades (the guarantee was shifted to other companies as JC got out of the business).

Based on the varying fine print on batteries bought at service departments; you could conceivably keep getting fresh batteries quite frequently (even for the life of the vehicle) if you barely drive. People who drive very short distances also put a number on on the cells, they just don't get enough of a chance to recharge. Customers who drove ~2000 miles a year pretty much got new ones on a regular basis since the parasitic draw on the battery from remaining static for so long wiped it out. Couple that with people who accidentally left doors open, dome lights on, et al and they pretty much got new ones if they were in warranty or the battery warranty period was still in the 100%-replacement period.

Back when I wrote service, I surmised that a couple of customers "gamed the system" a bit, but I don't think there were enough of those customers to fear massive profit loss, never mind it wasn't worth arguing with someone who held a part of your paycheck in your hand by means of a customer satisfaction survey. (Besides, customers who had issues resolved promptly with a new battery were usually happy campers, since they typically feared the worst gremlins were manifesting in their vehicles). We're not really up to the technological point where you can tell if the cold-cranking amperage loss was due to a door/trunk left open; only a simple charging system check. Unless they're complaining of their third battery replacement in as many days, or some other electrical behavioral oddity, you're typically not recommending a deep electrical diagnosis or the vehicle is acting strange.

They closed our JC Penney's last month; we miss the $20 family-pack photography (with the occasional upsell) was a great deal. It does provide me the excuse to buy fancier photography equipment, but so far the Office of Witnessing Indoor Foto Expenditures has denied most claims...I really don't want to fuss with a $2000 printer, anyhow.

[bing101]

https://www.viceland.com/en_us/video/ghost-mall/57bddb2fa39540ed4498faec


https://www.vice.com/en_us/article/viceland-abandoned-premiere-rick-mccrank-skating


Even Some of the abandoned department stores was featured on Vice!

[ET21]

JCPenney better not close their Crossgates Mall store.  I'd be left with nowhere to shop for clothes.  It's hard to find anything that fits my body properly, fits my lifestyle, doesn't cost 10 million dollars, and actually lasts more than a couple months and is machine washable and dryable (especially in a convenient location).  I can't shop online because it's impossible to tell how something will fit or feel through a computer screen.  I don't understand how anyone can buy any article of clothing online, unless it's something you can't buy anyways or you're just ordering more of something you already have.

Kohl's.

Ugh.  I don't much like Kohl's, and they fail to carry much big & tall.

I suspect that a lot of dead mall stores where they are the last or next to last anchor standing will go.  My candidates for Illinois: Galesburg, Alton, Effingham, and Mt Vernon.

LaSalle-Peru also

[epzik8]

They opened up a store in the Baltimore suburb of Abingdon, Maryland around 2011 right by the Wegmans store there. I don't know if that one is "safe", I'm afraid.

[1995hoo]

Heh. I still remember the media frenzy here some 32 years ago when the JC Penney at Springfield Mall was visited by two well-known Brits who were in town to visit President Reagan. The store was running a "Best of Britain" event, which is why they chose to visit (hard to imagine them going to a JC Penney otherwise, especially at Springfield Mall).

She bought an $8 silk scarf, I believe.

[AlexandriaVA]

Funny...Just bought a scarf from the JCP at the Springfield Mall Town Center last week. Wool, not silk, and no royals present.

[inkyatari]

Ugh.  I don't much like Kohl's, and they fail to carry much big & tall.

I suspect that a lot of dead mall stores where they are the last or next to last anchor standing will go.  My candidates for Illinois: Galesburg, Alton, Effingham, and Mt Vernon.

LaSalle-Peru also

I still don't see how that area can support a mall.

[Brandon]

Ugh.  I don't much like Kohl's, and they fail to carry much big & tall.

I suspect that a lot of dead mall stores where they are the last or next to last anchor standing will go.  My candidates for Illinois: Galesburg, Alton, Effingham, and Mt Vernon.

LaSalle-Peru also

I still don't see how that area can support a mall.

There are 19,000 in Ottawa, 10,000 in LaSalle, 10,000 in Peru, 14,000 in Streator, and others nearby.  That's over 53,000 people within 20 miles.

[SP Cook]

Somebody expalin this to me.

How does it make sense to announce you are closing "130 to 140" of your c.1000 stores, without a list?  I would think that the best workers would not want the risk of suddenly being out of work along with everybody else in the store and would thus do the "bird in the hand" idea and get another job now.  I would also think that most customers would anticipate a "going out of business" blow out sale and withhold current purchases.

[Henry]

Why aren't I surprised by this? It's the death of shopping malls as we know it.

[Pink Jazz]

Somebody expalin this to me.

How does it make sense to announce you are closing "130 to 140" of your c.1000 stores, without a list?  I would think that the best workers would not want the risk of suddenly being out of work along with everybody else in the store and would thus do the "bird in the hand" idea and get another job now.  I would also think that most customers would anticipate a "going out of business" blow out sale and withhold current purchases.

The list will be announced in mid-March.  JCPenney is probably currently identifying its lowest performing locations.

According to MarketWatch, many of the closures will be smaller stores in rural areas:
http://www.marketwatch.com/story/jc-penney-to-close-130-to-140-stores-sales-dip-2017-02-24-12485289

[jeffandnicole]

Somebody expalin this to me.

How does it make sense to announce you are closing "130 to 140" of your c.1000 stores, without a list?  I would think that the best workers would not want the risk of suddenly being out of work along with everybody else in the store and would thus do the "bird in the hand" idea and get another job now.  I would also think that most customers would anticipate a "going out of business" blow out sale and withhold current purchases.

The list will be announced in mid-March.  JCPenney is probably currently identifying its lowest performing locations.

According to MarketWatch, many of the closures will be smaller stores in rural areas:
http://www.marketwatch.com/story/jc-penney-to-close-130-to-140-stores-sales-dip-2017-02-24-12485289

Their accounting department is well aware of their lowest performing stores.  These are standard reports in any company, looked at on a monthly basis.  Most companies, with their modern register systems could pull up their sales done just a few minutes ago at headquarters if they wanted. 

Most likely, they're simply determining where they want to cut off that list.  Or, they could see their true worst performers, but decide to keep a few of them alive based on reasons that range from known closings of other stores in the same area to the CEO's daughter-in-law likes to shop there.  Or, they could say that a store is performing relatively well, but rent and other expenses are just too high, contributing to a less-successful store.  You and I will never know the exact performance of any store. 

[Pink Jazz]

Of the Phoenix area stores, I'm not sure if any of them will close.  Of the three dying malls in the area (Desert Sky, Metrocenter, and Fiesta), the former two already had their JCPenney stores close, and the latter never had a JCPenney.  The other three malls with JCPenney stores (Arrowhead Towne Center, Superstition Springs Center, and Paradise Valley Mall) seem to be doing fine, even though PV Mall has seen a few of its non-anchor stores close (although not to the degree of Desert Sky, Metrocenter, or Fiesta), however it has survived the latest round of Macy's and Sears store closures.  The rest of the JCPenney stores in the Phoenix area are newer smaller format stores.

No stores in the Phoenix area are included in the latest Macy's store closure list, so this could be a sign of hope for our JCPenney stores.