JCPenney will close at least three stores and is considering axing more in attempt to return the company to growth.
Holiday sales didn’t reach expectations, with same-store sales dropping 3.5 percent despite healthy consumer spending in a strong economy.
The company reaffirmed its expectations to generate positive cash flow by the end of 2018, but investors weren’t buying it, shown in the company’s stock value dropping nearly 14 percent Tuesday after the news. The value is on the rebound today.
More information will be known about the company’s finances when it reveals its fourth quarter earnings Feb. 28. This news organization will provide further updates about how store closures could affect the Miami Valley at that time.
Three stores that haven’t been named will shuttered this spring as part of an ongoing evaluation of its store portfolio in the next few months.
There are JCPenney stores in the Mall at Fairfield Commons in Beavercreek, Dayton Mall in Miami Twp., Miami Valley Centre Mall in Piqua and Bridgewater Shopping Center in Hamilton among others in the Cincinnati area. The Springfield store has already closed.
FIVE FAST READS