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March 26, 2017

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JC Penney at the Boulevard mall to close

Image

Mark Lennihan / AP

This Tuesday, April 9, 2013, file photo shows a J.C. Penney store in New York.

JC Penney at the Boulevard mall will be among the 138 stores in 40 states to close this year, the company announced today.

Most stores will begin liquidation sales April 17 and close in June. JC Penney will continue to operate nearly 900 stores throughout the country, including three department stores and one furniture store in Southern Nevada.

"It became apparent to us that our footprint was too large," Penney CEO Marvin Ellison told investors in February, and the closures will "allow us to raise the overall brand standard of J.C. Penney" and invest in remaining stores.

Penney posted a profit for the fourth quarter, compared to a loss a year ago. But total sales were down slightly, and a key revenue metric declined a bit as well.

Like other department stores, J.C. Penney is trying to adjust to changing shopping patterns. But it is also still recovering from a catastrophic reinvention plan under a former CEO that sent sales and profits freefalling starting in 2012. Since then, it has focused efforts on its home area, started selling major appliances again and expanded its number of in-store Sephora beauty shops.

The Associated Press contributed to this report.

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