By AMANDA KIMBLE
TheFlashToday.com
STEPHENVILLE (March 17, 2017) – JCPenney will be closing its Stephenville store. The official announcement was made Friday, when the retailer released a list of 138 stores it plans to close.
“It’s hard, extremely hard,” Doug Long, local store manager, said. “These people are family, but the company made a business decision and we’re moving forward.”
Long has managed the Stephenville store for about 10 years, but said his employment with the company spans almost five decades.
“I have been with the parent company for 46 years,” he said, adding his next move will probably be toward retirement.
Long supervises about 20 individuals, some who will have the option to transfer to other locations, but sticking with JCPenney would mean relocation or a long commute.
The Bosque River Center location was one of nine in Texas to be shuttered. The locations at Heartland Mall in Early, as well as JCPenney stores in Athens, Borger, El Paso, Marshall, McAllen, Nacogdoches and Seguin will also be closed.
According to information released in February, the closures represent less than five percent of the company’s total annual sales.
“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 nationwide closures are expected to eliminate thousands of jobs in 40 states, saving the company an estimated $200 million.
The liquidation process for the majority of the affected stores is expected to begin in April with most of the stores closing in June.
Meanwhile, remaining JCPenney locations will undergo a transformation.
“During the year (2016), it became evident the stores that could fully execute the Company’s growth initiatives of beauty, home refresh and special sizes generated significantly higher sales, and a more vibrant in-store shopping environment,” said Marvin R. Ellison, chairman and chief executive officer of JCPenney. “We believe the relevance of our brick and mortar portfolio will be driven by the implementation of these initiatives consistently to a larger percent of our stores. Therefore, our decision to close stores will allow us to raise the overall brand standard of the Company and allocate capital more efficiently.”
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