PLANO, Texas - Minnesota is one of two states hardest hit on the list of JCPenney stores marked for closing.
The embattled retailer on Friday released a list of 138 stores nationwide that will be shuttered in an effort to advance growth and long term profitability. The Texas-based company estimates that 5,000 jobs with the company will be impacted. Most of the stores are slated to close in June.
The Minnesota JCPenney stores that will be closing are:
- Red Wing
- Thief River Falls
Besides the 138 stores, JCPenney will also be ceasing operations at one supply chain facility in Lakeland, Fla., and relocating a supply chain facility in Buena Park, Calif..
“I have a deep appreciation and respect for our associates who are on the front lines working tirelessly to serve our customers every day. Closing a store is never an easy decision, especially given the local impact on valued employees and our most loyal shoppers,” said JCPenney CEO Marvin Ellison in late February, when the retailer first announced it would be closing a number of stores. “While any actions that reduce or exclude our presence in communities across the country is always difficult, it is essential that JCPenneey continues to evolve in order to achieve long-term growth and profitability and deliver on shareholder value.”
JCPenney says the 138 stores to be closed represent 13 or 14 percent of the company portfolio, and make up less than 5 percent of annual sales.