A week after Macy’s announced they were closing stores and laying off staff, JC Penney’s is doing the same.
The company announced this week the retailer is closing 33 under-performing stores and eliminating about 2,000 jobs. The move comes after sagging profits over the past few years.
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Local J.C. Penney retails locations at the Oxford Valley, Willow Grove Park and Franklin Mills malls will remain open, but the store across the river in Burlington, N.J. will close by summer. The company did not outline if the 2,000 employees lost as part of the push for profits were only from the 33 stores closing nationwide.
The Texas-based company says the cuts will save them a projected amount of $65 million a year.
“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,” CEO Mike Ullman said.
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JC Penney has gone through several changes over the past few years. Sales and discounters were dismissed for a time and then brought back after a leadership change. As the retail chain changed, sales dropped and there was turnover.
The Oxford Valley store is two-stories and was recently remodeled.
