JCPenney announces store closures

JCPenney announced via press release Friday plans to close around 140 stores.

“In 2016, we achieved our $1 billion EBITDA (Earnings Before Interest, Tax, Deprecation and Amortization) target and delivered a net profit for the first time since 2010,” CEO and Chairman Marvin Ellison said in the release. “However, we believe we must take aggressive action to better align our retail operations for sustainable growth.

“We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers,” Ellison added.

Media Relations Manager Christina Vos said store closures will be announced mid-March, after affected employees are given proper notification.

Jennifer Urban, general manager at the North Plains Mall location, said she had no information at this time regarding closures.