March 1, 2017
J.C. Penney Inc., headquartered in Plano, TX, has released a strategic plan to “optimize its national retail operations as part of its . . . return to profitability,” according to a corporate statement. The plan calls for the closure of two distribution centers (one of which is in Lakeland, FL, the other in the Los Angeles area) and approximately 130-140 stores over the next few months. The company will initiate a voluntary early retirement program for approximately 6,000 associates in an effort to help with store closures.
Marvin Ellison, the company’s chairman and CEO, indicated that, while the $1 billion EBITDA target was met in 2016, and a net profit delivered, “we must take aggressive action to better align our retail operations for sustainable growth.”
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