JC Penney announces 4 Iowa stores to close - but not Bluffs

J.C. Penney is far from the only department store icon to announce closures as more people opt for fast fashion retailers or cyber shopping over mall walking. The liquidation process will begin on April 17, but most stores will cease operations in June.

It once shared a building with a grocery store that closed years ago.

The February statement from JC Penney followed similar announcements from Sears and Macy's.

Penney's, which has more than 1,000 stores in the United States, is the latest mall-based company to respond to soft earnings with store closings.

Friday's action underscores the growing impact online retailers are having on brick-and-mortor retailers across the country.

The move is "part of a continuing effort to advance sustainable growth and long-term profitability", the company said.

The closures include eight stores each in Texas and Minnesota and seven stores a piece in Pennsylvania, Illinois and MI.

Sales at Penney's stores which have been open for more than a year fell 0.7 percent in the fourth quarter which ended January 28, a bigger drop than the 0.5 percent decrease analysts predicted.

She said PREIT's expectation was that the store would remain open.

The total store closures represent around 13 percent of the current number of Penney's stores. Additionally, the department store chain says it will provide outplacement support services for those eligible associates who will be leaving the company. Roughly 5,000 will be affected by the closures.

In attempting to interview the manager of the Houghton outlet, she stated only, "We have no comment to make".

Related news: