1. JCPenney
While it has been retail’s comeback kid, J.C. Penney (NYSE: JCP) has still decided that it needs less retail stores. The company said in late February that it will close 130-140 locations “over the next few months.” CEO Marvin Ellison tried to paint the move as a positive step in the company’s impressive march back from the brink.
“We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers,” he said in the press release. “It is essential to retain those locations that present the best expression of the JCPenney brand and function as a seamless extension of the omnichannel experience through online order fulfillment, same-day pick up, exchanges and returns.”
The CEO wanted to make it clear that while it’s closing stores, J.C. Penney remains committed to having brick-and-mortar locations. He also seemed to want to distance the company from rival Sears Holdings (NASDAQ: SHLD), which has been cutting stores quickly, with seemingly no end in sight.
