Retail Stores JCPenney Plans To Close Get A Temporary Lifeline

by MR Magazine Staff

JCPenney tried to close the doors, but shoppers came pouring in. The company said Thursday that it’s decided to throw a temporary lifeline to 138 stores that it planned to close in April and May. Instead, they’ll shut down on July 31, spokesman Joey Thomas said in an emailed statement. “Since announcing store closures, affected locations have seen better than expected sales and traffic, which is common when store closures are announced,” Thomas said. “Traffic typically increases for a variety of reasons, including curiosity, nostalgia and the lure of lower prices.” JCPenney first announced plans to close the stores in February, saying it wanted to shift its focus to its best performing stores. The company — like most players in the brick-and-mortar retail industry — hasn’t been performing well. Its stock is down nearly 30% in 2017. Read more at KTLA News.