NEW YORK — JCPenney has revealed the 138 stores expected to close later this year, and the JCPenney store at the Connecticut Post Mall in Milford is on the list. The list includes store locations expected to close in June, according to the company.
The company said the changes will affect about 5,000 workers nationwide. The liquidation process is scheduled to start on April 17.
JCPenney issued a statement:
“As part of a continuing effort to advance sustainable growth and long-term profitability, J. C. Penney Company, Inc. will be closing 138 stores, one supply chain facility in Lakeland, Fla., and relocating one supply chain facility in Buena Park, Calif., to align the Company’s physical store footprint and omnichannel network.”
In February, the retailer said it would close between 130 and 140 stores in a bid to “optimize” retail operations.
“We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailer,” Marvin R. Ellison, chairman and CEO, said in February. “Maintaining a large store base gives us a competitive advantage in the evolving retail landscape since our physical stores are a destination for personalized beauty offerings, a broad array of special sizes, affordable private brands and quality home goods and services.”
The chain expects the closures to save about $200 million a year.
