No CNY stores on JCPenney closing list

SYRACUSE, NY (WSYR-TV) - Retailer JCPenney has released the list of the 138 stores it plans on closing in June. There are no stores in Central New York on the list.

Last month, Citing Morningstar Credit Ratings, Business Insider says the Destiny USA store was one of two in New York State that were at risk.

There are three New York State stores on the closing list,  they are in Dunkirk, Massapequa and West Nyack.

JCPenney has six stores in central New York, in addition to Destiny USA, there are stores at Finger Lakes Mall, Auburn,  Oswego Plaza, Freedom Mall, Rome, Cortland and Sangertown Mall, New Hartford.  

JCPenney will also close two distribution centers.

JCPenney  joins a list of traditional retailers scaling back brick-and-mortar stores. Sears Holdings, which includes the Sears and Kmart brands, announced plans to close 150 stores in January, and Macy's is closing 68 stores and cutting 10,000 jobs.

The Limited closed its remaining stores in January, and American Apparel, which filed for bankruptcy for a second time last year, is expected to close all its stores. Sports Authority went out of business following a bankruptcy filing last year.

JCPenney will take a $225 million hit to its earnings from the cost of closing the stores. But it expects to save $200 million a year in payroll and other costs. It said the stores that are closing have weaker sales or would have needed expensive upgrades.

 


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