Major Retailer With Iowa Stores Announces 2019 Closings
The retail trend continues in 2019, with more brick-and-mortar stores closing their doors.
The latest company to take a hit is one that (a quick Google search will tell you) has been around for over 116 years! JCPenney announced on Tuesday that it plans to close three stores this spring. More stores could be following as the company plans to hold an ongoing evaluation of their locations. Fox Business reports that this evaluation is "part of a broader initiative to assess its brick-and-mortar store portfolio. That includes determining whether some locations don’t meet the required financial target, or if they represent a chance to capitalize on prime real estate."
The report also states that "same-store sales dropped 3.5 percent on an adjusted basis." Many retailers like JCPenneys have been seeing declining sales trends such as this, as online giants like Amazon continue to grow.
The store locations that will be affected are still unclear, but more information will become available when JCPenneys reports its full fourth-quarter results on February 28. Fingers crossed our Iowa locations won't be impacted!