SILVERDALE — JCPenney announced Feb. 24 that it plans to close two distribution facilities and about 130-140 retail locations during the next few months.
Though no list of stores that will close has been released, according to Business Insider, Morningstar Credit Ratings released a list of stores most likely to close, including the store in Kitsap Mall in Silverdale.
JCPenney reported on its website (www.jcpnewsroom.com), “The stores identified for closure either require significant capital to achieve the company’s new brand standard or are minimally cash flow positive today relative to the company’s overall consolidated average.”
JCPenney spokesman Joey Thomas said the company has no comment on market speculation, and can’t confirm or deny whether the Silverdale store will remain open. He said the company will issue in mid-March a list of stores that will close.
“Even though we’re closing a larger number of stores this year than we have in the past, we continue to recognize the importance of physical stores in an ever-evolving retail landscape,” Thomas said.
“That said, it’s essential to adjust our store portfolio and invest in those locations that offer the best expression of the JCPenney brand …” Thomas said.
JCPenney will offer a Voluntary Early Retirement Program to about 6,000 employees, Thomas said.
Michelle Beahm is a reporter for Kitsap News Group. email@example.com.