Report: JCPenney will be closing stores in 2017

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Report: JCPenney will be closing stores in 2017
Image Credit: Flickr/Mike Kalasnik
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February 24 Update: JCPenney has confirmed that it’s closing about 13% of its stores. Read the breaking news here.

Read more: These 9 retailers are closing more than 1,000 stores in 2017

After Macy’s and Sears announced plans to close some stores in early 2017, it appears rival JCPenney may be next.

JCPenney to close some stores, report says 

According to the Dallas Morning News, JCPenney CEO Marvin Ellison said the department store chain plans to close some of its roughly 1,000 stores soon.

The executive made the comment while speaking at a real estate conference in Dallas.

Dallas Morning News reports that JCPenney is still deciding which stores will be closed, but the company has realized that some locations need to downsize, particularly in smaller markets. 

Despite looming store closures, Ellison said the chain’s physical locations remain a key part of its future, even as people are shopping more online.

In early January, JCPenney reported that comparable store sales fell 0.8% over the holidays.

A company news release said that appliances, outerwear, boots, toys, cosmetics and jewelry were strong categories during the season, but women’s apparel remains a weak spot.

Meanwhile, Macy’s recently announced plans to close 68 stores, and Sears and Kmart are shutting down a combined 150 locations this spring.

More Clark.com retail coverage:

Clark’s take on Macy’s and Sears closings

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Mike Timmermann About the author:
Michael Timmermann paid off his mortgage in two years. Now, he shares his money-saving tips on his blog, Save on Almost Everything.
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