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News - Local News
 
JC Penney to close in Platte River Mall Tell North Platte what you think
 
Photo by Darla Golden

North Platte’s JC Penney store in the Platte River Mall will close this summer, the company announced Friday.

The store is at the center of the mall, just off the main lobby where special attractions are held, such as Santa Claus visits with children during the Christmas season.

Under the company’s plan, 138 stores nationally will be closed, including two others in Nebraska – one in downtown McCook and another in the Fremont Mall.

The company currently operates more than 1,000 stores in the U.S. and Puerto Rico.

Most of the stores on the closure list will begin liquidating in mid-April and doors will close in June, the company said.

Platte River Mall officials declined to comment Friday afternoon on the situation.

The closures are the result of increases in online shopping, the annoucement said.

“We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers,” the company said.

Nationwide, about 5,000 jobs will be impacted. However, at the same time, early retirement benefits are being offered to nearly 6,000 employees, so more employees are expected to be hired after that all shakes out.

JC Penney said it is also identifying relocation opportunities within the company for top employees, and will provide outplacement support services for eligible employees who will be leaving the company, such as identifying other job opportunities, resume writing and interview preparation.

The company will save an estimated $200 million in operational costs when the 138 stores close. The total closures currently represent approximately 13-14 % of the company’s "store portfolio" and less than 5% of total annual sales, the announcement said.

JC Penney said it is in a good position to navigate the changing times and believes its large base of retail stores is an advantage in "the evolving retail landscape."

“Our physical stores are a destination for personalized beauty offerings, a broad array of special sizes, affordable private brands and quality home goods and services,” the company said. Retail stores also fulfill online orders with same-day pick up, exchanges and returns, the company said.

In fact, in 2016 approximately 75% of all online orders touched a physical store, according to the annoucement.

JC Penney will also close a distribution facility in Florida and relocate a distribution center in California.


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The North Platte Bulletin - Published 3/17/2017
Copyright © 2017 northplattebulletin.com - All rights reserved.
Flatrock Publishing, Inc. - 1300 E 4th St., Suite F - North Platte, NE 69101
 
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Having worked intimately with numerous major retailer, including JCP, its no wonder they are going under. Their entire corporate culture is rotten. They will make vendors go from a to b, b to c, then back to a just to justify how good a job they were doing. This is a stark contrast to the successful companies I worked with.
0
Posted by stangman    - 3/23/2017 6:49:48 AM
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I am glad JC Penney is going out of business. To me their merchandise is too high priced and too inferior in quality (in other words it is cheaply made junk). Their pricing model is so stupid. I can get better stuff at the thrift store (and pay a lot less money)!
-69
Posted by brosmith    - 3/19/2017 8:46:36 PM
(0 current warnings - 0 warnings total)

Mr. Matson, don't forget the Top Executive who fumbled big time trying to turn it around. He attempted to position Penney as a low price off rack competitor using his Wal-Mart experience. Customers didn't get it and sales continued to plummet.By the time that the Board canned him, the damage was unbelievable. Sales and profits were in the ditch, morale was low and customers had no idea who the JC Penney Company was. They reverted to their roots of high base pricing and heavy discounting while promoting the value image that had built the company. They have made a significant recovery, but tits not good enough. Now, the next monster is Amazon. They' ve managed to even get Wal-Mart's attention. I predict that you will see some reduction of WalMart stores around the country as the next waive of retailing becomes the current waive.
+26
Posted by bearsaurus    - 3/19/2017 2:46:12 PM
(0 current warnings - 0 warnings total)

Shopping local builds our community. It's becoming more important all the time because of the online pull.
+32
Posted by George Lauby    - 3/19/2017 10:18:06 AM
(0 current warnings - 12 warnings total)

Failure to shop locally didn't do that George, a companies top tier trying to shove an agenda on a large portion of those who shop there did.
-34
Posted by Chuck Matson    - 3/19/2017 8:00:07 AM
(0 current warning - 1 warnings total)

JC Penney Stock Plunges 84% in 5 Years Published: Mar 18, 2017 8:55 a.m. ET By 24/7 Wall St. How badly off is J.C. Penney Co. Inc. (NYSE: JCP), at least in the eyes of Wall Street? Shares are down 84% in five years to just under $6. Over the same period, the S&P 500 is up 70% to 2,378.
-17
Posted by Chuck Matson    - 3/19/2017 7:49:08 AM
(0 current warning - 1 warnings total)

If we want to keep local stores, we'd best shop at them.
+46
Posted by George Lauby    - 3/18/2017 11:17:14 PM
(0 current warnings - 12 warnings total)

Hey, Alias. You can do whatever you want. I really don't care.
-43
Posted by Chuck Matson    - 3/18/2017 1:57:00 PM
(0 current warning - 1 warnings total)

Coming from the guy using his Apple device on a Verizon Network, driving around in his Ford with Goodyear tires running on Exxon Mobile going to buy Tyson Chicken To eat while he sits and read his newspaper owned by Berkshire Hathaway as he waits for his package to be delivered from Amazon that has his new Nike shoes he paid for with his American Express credit card just to sell his old ones on Ebay and spend the money at Walmart...... Would you like me to continue or should I spend this time selling off all my stock in these companies as, according to you, they are all doomed for bankruptcy?
+27
Posted by Alias    - 3/18/2017 11:28:34 AM
(0 current warnings - 0 warnings total)

@Alias, any business that pushes an agenda like penny`s or target will learn the hard way its stock and traffic through the door is gonna crash! Plain and simple economics.
-39
Posted by Chuck Matson    - 3/18/2017 11:13:53 AM
(0 current warning - 1 warnings total)

Chuck Matson,homophobe. You don't like a business for being inclusive? What a shining example of a bigot you are!
+39
Posted by northplatterailroad    - 3/18/2017 10:57:12 AM
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Chuck, Correct me if I'm wrong, but it sounds like your kind of rooting for these businesses to fail.
+17
Posted by Alias    - 3/18/2017 7:44:55 AM
(0 current warnings - 0 warnings total)

You are exactly correct, MyTwoCents. Many more will follow if America doesn't support these businesses that hire local residents, pay local taxes, advertise in local media, employ local tradesmen for repair and remodeling. Once local businesses are gone, they will be gone forever. Get out and shop LOCAL.
+38
Posted by nice person    - 3/18/2017 6:51:15 AM
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J C Penny sunk itself when the company started with the ellen degeneres BS. That was back in 2012, and it never recovered. Next, sink target!
-52
Posted by Chuck Matson    - 3/18/2017 6:03:24 AM
(0 current warning - 1 warnings total)

If you like the hands on experience of retail shopping, you have to step away from Amazon and eBay and support your local retail stores. It may cost a little more money, but so does overnight shipping when you need something right now and can't just run downtown and buy it because the store is no longer there.
+50
Posted by MyTwoCents    - 3/18/2017 1:47:44 AM
(0 current warnings - 0 warnings total)

FLAG LEGEND:
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Skull & Crossbones = Banned.
 
 
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