Macy’s & JC Penney Tighten Their Wallets

Shoppers, look out! You may not be able to head to your favorite Macy’s or JC Penney store. Macy’s publicly announced that they were shifting workers from 830 Macy’s and Bloomingdale’s stores and closing 14 Macy’s stores. JC Penney is doing the same, saying goodbye to 39 under performing stores, and laying off 2,250 workers.

Terry Lundgren, Macy’s CEO stated, “Our business is rapidly evolving in response to changes in the way customers are shopping across stores, desktops, tablets and smartphones. We must continue to invest in our business to focus on where the customer is headed — to prepare for what’s next.” On the bright side, Macy’s discussed a 2016 Macy’s store in Los Angeles and a new Blomingdale’s store to open in San Jose by late 2017.

JC Penney shared that mall-based stores in 19 states will close by early April. “We continually evaluate our store portfolio to determine whether there’s a need to close or relocate under performing stores,” said company media relations manager Sarah Holland. “Reviews such as these are essential in meeting our long-term goals for future company growth. While it’s never an easy decision to close stores, especially due to the impact on our valued associates and customers, we feel this is a necessary business decision.”


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