The following was taken from an article posted on Yahoo's main page, entitled "Eight Retailers That Will Close the Most Stores." The article was written by 24/7 Wall Street:
"Currently, the best example of a struggling retailer is J.C. Penney Co. Inc. (JCP). The department store chain’s third-quarter revenue dropped more than 26% year-over-year, and its same-store sales fell by about the same. With J.C. Penney’s e-commerce sales slipping by an ever greater amount, it was left with nowhere to go for bottom line improvement other than deep cost cuts."
This morning on MSNBC, the scrolling "tape" at the bottom of the screen stated that JCP will close stores this year. (but you have to consider the source NBC Business news.....) Saying 300-350 stores this year. Not my quote.
For the last decade, every CEO has chanted the "We'll be closing/ firing _____ to remain competitive and better serve the needs of our customers". Pretty sad when you gave 5 Bozos the amount of money they've been paid and the only thing they can come up with is trying to cut their way to success. This BOD must rank up there with the worst of the worst.
Here we go! MORE hard working employees will be out of work, more customers will lose a shopping option, and more communities will lose tax revenue. The "genius" will try to hide dismal sales by closing stores and firing employees. How said that this clown can continue his destruction of an American retail icon.
Even sadder is that RJ is allegedly a master of technology, yet he was unable to operate a basic workable e-commerce site. Everything he touched has been an absolute disaster.
...more customers will lose a shopping option
American shoppers have already lost a shopping option whether or not their local JC Penney store closes. Ron Johnson has already done a most excellent job of thoroughly gutting a once-great American business icon. Granted, JC Penney's troubles started more than a decade ago but Ron Johnson has eliminated what little hope remained for resurrecting JC Penney stores to a healthy productivity and profitability.
And further down in the article was:
24/7 Wall St. reviewed the weakest large U.S. retailers and picked those that likely will not be profitable next year if they keep their current location counts. 24/7 analyzed the retailers’ store counts, recent financial data, online presences, prospects against direct competitors and precedents set by other large retailers that have downsized by shuttering locations. We then forecast how many stores each retailer will have to close this year to sharply increase its prospects financially, even if some of those location closings do not occur for several years. These forecasts were based on drops in same-store sales, drops in revenue, a review of direct competitors, Internet sales and the size of cuts at retailers in the same sector, if those were available.
These are the eight retailers that will close the most stores in 2013.
.... J.C. Penney
Forecast store closings: 300 to 350
Number of U.S. stores: 1,100
You can't trust a word he says tho. He lied on TV about letting people go the first time. I believe it was an interview he gave on CNBC. He clearly answered a question saying no there wouldn't be layoffs. We see where that went just a few months later.