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.
Print This Article
Placer County News HeadlinesWriting Your Life Story Workshop September 13thBud Gardner, co-author of Chicken Soup for the Writer's Soul, part of the New York Times best-selling series, will conduct a workshop, How to Write Your Life Story, on Saturday, Sept. 13th
Jessup Gala to Celebrate 75th Anniversary on September 20thROCKLIN, Calif., - William Jessup University will host the Jessup Gala on Saturday, September 20 from 6-9 p.m. The dinner and program festivities raise funds for student scholarships.
Brandman University Adding Roseville LocationRoseville,CA -- Brandman University will be locating at 400 Sunrise Blvd. The 9,182 square foot tenant improvement is valued at over $300,000.
Roseville California Crime Brief (8.31.14)Roseville, CA - Roseville California crime brief update report for August 31, 2014.
Acura ILX: Luxury Vehicle, Reasonable PriceFor car shoppers looking for an upscale luxury sedan that doesn't arrive with a luxurious price tag, Acura debuted the ILX a year ago and its back for 2014 virtually unchanged
People with Autism Especially VulnerablePerhaps like you, recently I read of an incident in Okeechobee, Florida, in which an 18-year-old man was recorded on video beating, choking, kicking, and holding a knife to the throat of a 16-year-old boy with autism.
54 Year Old Roseville Woman Killed with Own VehicleRoseville- 54-year-old Bernadette Ann Richardson was killed when her SUV rolled backwards as she was retrieving a bicycle from her 1997 Ford Explorer.
Photos: Napa Earthquake DamageWe recently had the opportunity to tour Napa following the magnitude 6.0 earthquake. The downtown area of Napa which contains many older buildings was hit especially hard.
California Senate Passes New Gun Violence BillCalifornia's state today passed the "Gun Violence Restraining Order (AB 1014)," legislation that would allow family members or law enforcement to petition a court
Laura's Law Implementation in Placer CountyPlacer County became the sixth county in California Tuesday to implement Laura's Law - a state statute that authorizes court-ordered assisted outpatient treatment of residents with severe
$22 Million Animal Services Center in Auburn Moves ForwardThe Placer County Board of Supervisors awarded a design-build contract on Tuesday that paves the way for construction of a long-planned Animal Services Center in North Auburn that
Autism in Girls Study Launched in CaliforniaAutism is far more common in boys than girls - affecting 1 in 54 boys and 1 in 252 girls - but little is known about biological differences between boys and girls with autism.