Plano based JCPenny expects to close 130-140 stores and two distribution facilities in next few months.
According to the company’s press release:
- The total store closures represent approximately 13 – 14 % of the Company’s current store portfolio, less than 5% of total annual sales, less than 2% of EBITDA and 0% of net income.
- The stores identified for closure either require significant capital to achieve the Company’s new brand standard or are minimally cash flow positive today relative to the Company’s overall consolidated average.
- Approximately 6,000 associates may be eligible for the early retirement program called Voluntary Early Retirement Program (VERP).
Marvin R. Ellison is the chairman and chief executive officer of JCPenney.
Stock price $6.40 as of 02/24/17 12:36 p.m. ET
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