BLYTHEVILLE, Ark. – JCPenney will be leaving the Chickasaw Plaza in Blytheville.
The Penney’s location at 301 North Service Road in Blytheville is one of 138 stores announced to be closing. A press release says most of the stores will be closing in June, affecting approximately 5,000 jobs nationwide.
“JCPenney is in the process of identifying relocation opportunities within the company for esteemed leaders,” the release stated. “Additionally, JCPenney will provide outplacement support services for those eligible associates who will be leaving the Company. Most affected stores will begin the liquidation process on April 17.”
The original announcement came in February, with JCPenney stating it was part of a plan to return to profitability. The company, trading on the NYSE under the symbol JCP, said it had returned to profitability, for the first time since 2010, in 2016.
“However, we believe we must take aggressive action to better align our retail operations for sustainable growth,” said Marvin R. Ellison, chairman and chief executive officer.
The stores being closed represent approximately 13 percent of the company’s current store portfolios. The release says the stores being closed either required significant capital to achieve the company’s new brand standard or are minimally cash flow positive relative to the company’s overall average. Sales for the stores, presumably including the Blytheville location, were significantly below the remaining store base.
To read the full list of store closings, click here.