JCPenney: All UP locations to close

Posted March 19, 2017

The JCPenney corporation is closing 138 stores nationwide, including seven in MI, but the Taylor location will remain open according to the company.

"The stores identified for closure either require significant capital to achieve the Company's new brand standard or are minimally cash flow positive today relative to the Company's overall consolidated average".

The Limited closed its remaining stores last month, and American Apparel, which filed for bankruptcy for a second time previous year, is expected to close all its stores.

The nearest location to close will be the store in the Midland Mall in Midland.

The total store closures represent approximately 13 to 14 percent of the company's current store portfolio, and less than 5 percent of total annual sales.

The closings don't include the JCPenney Museum and Mother Store in Kemmerer and other locations around Wyoming.

Most affected stores will begin the liquidation process April 17. JCPenney will also close two distribution centers.

"We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers", said Marvin R. Ellison, chairman and chief executive officer of JCPenney.

Some will be eligible for early retirement.