J. C. Penney Company, Inc. announced the financial results for its fiscal fourth quarter and full year 2018 sales year on Thursday. While the net income for the department store during the fourth quarter of 2018 was $75 million, the store suffered a net loss for the entire year of $255 million.
In an effort to remedy this loss, the company has determined that it will close 18 full-line stores in 2019, including the three locations previously announced in January. In addition, they will also close nine ancillary home and furniture stores, “enabling capital resources to be reallocated to locations and initiatives that offer the greatest long-term value potential.”
When Owensboro Times reached out to JCPenney corporate headquarters, Dana Harrington, with corporate communications and public relations, said the Owensboro JCPenney location will not be one of the locations to close in 2019.
“For the past few months, I have met with and listened to JCPenney associates throughout the organization, as well as our valued suppliers, customers and other partners, to gain their candid perspectives on our company, both positive and constructive. Based on everything I have seen and heard, I am even more convinced that JCPenney is a revered brand that has the capacity to deliver improved results…in spite of our past financial performance,” said Jill Soltau, chief executive officer of JCPenney.
Nearly all impacted stores are expected to close in the second quarter of 2019.
According to their marketing campaign, J. C. Penney Company, Inc., one of the nation’s largest apparel and home retailers, combines an expansive footprint of over 860 stores across the United States and Puerto Rico with a powerful eCommerce site, jcp.com, to deliver style and value for all hard-working American families.