Petoskey's JC Penney not among stores on closing list

  • Petoskey's JC Penney not among stores on closing list

Petoskey's JC Penney not among stores on closing list

The former Martinsburg Mall - now Foxcroft Towne Center - is seen gutted out from the roadway Friday in Martinsburg.

Morningstar Credit Rating previously included the Wyoming Valley Mall location in a list of 39 JCPenney stores most likely to close as part of the company's restructuring, according to a report published in Business Insider. Most stores will begin liquidation sales beginning April 17 and close in June.

Officials with the Texas-based J-C Penney Company are announcing the closure of 138 stores, including four in Iowa.

The closing stores represent about 13 to 14 percent of the company's portfolio, and less than 5 percent of annual sales.

"In 2016, we achieved our $1 billion (Earnings Before Interest, Taxes, Depreciation and Amortization) target and delivered a net profit for the first time since 2010; however, we believe we must take aggressive action to better align our retail operations for sustainable growth", said Marvin R. Ellison, chairman and CEO of J.C. Penney in the February 24 news release that originally announced the store closures.

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Sales at Penney's stores which have been open for more than a year fell 0.7 percent in the fourth quarter which ended January 28, a bigger drop than the 0.5 percent decrease analysts predicted.

Retailer swoon continues for brick and mortar stores. Traditional department stores are losing market share to off-price competitors and online retailers like Amazon.

Built in 1991, the Martinsburg Mall was purchased by Martinsburg Development Partners LLC in 2013.

"Obviously, we are delighted for the mall and the community", said Mall General Manager Ken Huge.

She said PREIT's expectation was that the store would remain open.