Six underperforming stores and two call center locations to close in total
But don’t worry, Neiman’s and Saks are still open!
J.C. Penney Co. will close two Metro Atlanta department stores, one at Southlake Mall in Morrow and the home store on Pleasant Hill Road in Duluth, according to the Atlanta Journal Constitution.
Penny is also continuing to work on an exit from its catalog business in an effort to streamline operations and boost profits.
The retailer’s exit of its legacy catalog business includes shuttering 19 outlet stores that carry a large amount of catalog merchandise. Penney announced in November 2009 that it would stop publishing its twice-yearly “big book” catalogs. The company will also close one furniture outlet store in Rancho Cucamonga, Calif.; it will have two remaining such stores.
The company did not disclose how many job cuts would be involved in the actions, which will take place during the course of the year.
J.C. Penney currently runs more than 1,100 department stores in the U.S. and Puerto Rico.
“As we continue to position our company for the future, we determined that these steps are necessary to capitalize on the growth opportunities we see ahead while we ensure we are managing costs appropriately and continually enhancing the profitability of our operations,” Chairman and CEO Myron E. Ullman III said in a statement.
The retailer, based in Plano, Texas, expects the moves to add about 7 cents per share to 2012 earnings. It will take charges of about 8 cents a share in the fourth quarter and 5 cents per share in 2011 related to the actions.
For more details, read the res of the AJC’s article here.
One Response
This article seems to imply that the large outlet (former catalog) locations will be closing but doesn’t specifically mention the one in Forest Park. I would presume it would be included in that. Actually, I’d thought it had closed long ago until I passed it last week.