J.C. Penney Co. said Friday it was closing 138 stores nationwide, but none in South Florida. Approximately 5,000 jobs will be affected by the upcoming closings, which are expected to be completed by June, the company said. J.C. Penney said it is in the process of identifying relocation opportunities within company for some of the affected employees and others will be provided outplacement support services.
Most stores on the list will start liquidation April 24. The company has announced no plans to close its Greenville and Spartanburg stores.
One of the city's original downtown department stores will be closing their doors this Spring.
Sherry Renosky, manager at the Indiana Mall, said she truly didn't know if the store would close or not.
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The difference between the expected and actual EPS was $0.04/share, which represents an Earnings surprise of 5.3%. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website .
In addition to the Easton store at Easton Marketplace, the company is closing some 138 stores, or 14 percent of the stores in the company nationwide, during the next couple of months.
Although its physical stores remain an essential component of J.C. Penney's brand and a "destination" for shoppers, closing some less-profitable locations will better position the company to compete with the "growing threat" of online retailers, according to a February 24 press release. In Pennsylvania, stores in King of Prussia, Bloomsburg, Clearfield, Towanda, Philadelphia, Pennsdale and Willow Grove will close. The Penney store served Midland from 1939 until March 26, 1954, when fire demolished the Reinhart building, destroying the Penney's store, other business establishments and professional offices.
Cortana's remaining anchor tenants are Dillard's, which has reduced its presence to a clearance store that only takes up the first level, and Virginia College.