yellow pages news jobs local specials coupons hotels events calendar movie times RSS News Feeds
Rocklin and Roseville Today
   |   Current Temp: 52.0 F (11.1 C)
 

Roseville Galleria JC Penney Escapes the Cut





J. C. Penney Company, Inc. (NYSE:JCP) today announced that as part of its turnaround efforts, the Company will be closing 33 underperforming stores across the country in order to focus its resources on the Company's highest potential growth opportunities.

These actions are expected to result in an annual cost savings of approximately $65 million, beginning in 2014. In connection with this initiative, the Company expects to incur estimated pre-tax charges of approximately $26 million in the fourth quarter of fiscal 2013 and approximately $17 million in future periods.

Remaining inventory in the affected stores will be sold over the next several months, with final closings expected to be complete by early May. The closings will result in the elimination of approximately 2,000 positions. Eligible associates who do not remain with the Company will receive separation benefits packages. Meanwhile, the Company is continuing its plans to open a new store location later this year at the Gateway II development in Brooklyn, N.Y.

"As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly," said Myron E. (Mike) Ullman, III, chief executive officer of JCPenney.  "While it's always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success."

Please click here to access the list of the planned store closures.





more news Print This Article


Placer County News Headlines

Shooting in Rocklin on Abilene Circle Injures OneRocklin, CA - On 4-18-14 at 11:47 PM, Rocklin Officers responded to the 1600 block of Abilene Circle on a report of a possible shooting

Big DoG Countdown: PRIDE IndustriesBig DoG Countdown: Learn about how PRIDE Industries impacts your community.

Roseville Shooting Leads to Arrest of Sacramento TrioAt 7:45 p.m. April 16, officers responded to a report of shots fired from a car toward another car in the area of Pleasant Grove Boulevard and Fairway Drive.

Roseville Crime Report Digest (4-17-14)The Roseville Police Department's Crime Report Digest for April 17, 2014.

John and Marilyn Redding Recipients of 2014 Public Safety Leadership Award John and Marilyn Redding were this year's recipients of the Public Safety Leadership Award, which was presented to the Rocklin couple at the third annual Victim's Rights Breakfast.

Your Aging Genes and Risk of DementiaUC Davis Alzheimer's Disease Center Director Charles DeCarli will discuss "Your aging genes: What you need to know about your risk for dementia" during the Community Discovery Lecture Series on Thursday, May 8

America's ClayFest II in RosevilleThe Art League of Lincoln in conjunction with Blue Line Arts will be holding the second annual art show and competition at the beautiful Blue Line Arts in Roseville, CA

Placer Pops Chorale Spring Concert SeriesTickets are still available for the popular Placer Pops Chorale Spring Concert Series, directed by Lorin Miller, but hurry - they're going fast!

Chocolate Fest in Paradise May 10thExperience a chocolate paradise on the Paradise/Magalia ridge nestled among tall green pines in the foothills of the Sierra Nevada Mountains and overlooking the Sacramento Valley

Big DoG Countdown: Soldiers ProjectBig DoG Countdown: Learn how Soldiers Project impacts your community.

Big DoG Countdown: KidsFirstBig DoG Countdown: Learn about how KidsFirst impacts your community.

End of Life Planning: A Difficult Subject for ManyIt is often difficult to imagine your end of life care-or end of life care for a loved one-in the event you or your loved one becomes incapable of making health care decisions.




more news