J.C. Penney to close outlet at Jamestown Mall
St. Louis Business Journal
January 24, 2011
J.C. Penney Co. said Monday that it plans to close some underperforming stores, wind down its catalog and outlet operations, which includes an outlet store at Jamestown Mall, and streamline its call center operations and custom decorating business.
The Plano, Texas-based department store operator (NYSE: JCP) said the actions are designed to build on its accomplishments and "focus on its highest potential growth opportunities."
J.C. Penney said the stores it is closing are in Morrow, Ga.; West Dundee, Ill.; Des Moines, Iowa; High Point, N.C.; and Culpeper, Va.; and one JCPenney Home Store in Duluth, Ga.
The company said it will close 19 outlets stores this year and next, including its outlet store at Jamestown Mall in Florissant.
The company said it will begin these actions this year, and expects them to result in a positive impact to earnings in 2012, the first full year of implementation, of about $25 million to $30 million, or about 7 cents a share.
There also will be estimated one-time charges of about $30 million, or 8 cents a share, in the fourth quarter of fiscal year 2010, and about $20 million, or 5 cents a share, during 2011 to reflect the transition.
