Plano, Texas-based J.C. Penney Company Inc. has joined the growing list of retailers shutting down stores across the country.
As part of an earnings report released on Thursday, the company announced it will close 18 full-prices stores and nine subsidiary home and furniture stores during the second quarter of this year.
A list of affected locations has not been publicly released, but spokesperson Sarah Holland said in an email that the company will not close any Wisconsin stores.
The retailer operates seven stores throughout the state, including three Milwaukee-area locations at Southridge Mall in Greendale, Brookfield Square in Brookfield and Crossroads Shopping Center in Menomonee Falls.
Stores selected for closure “require significant capital, are minimally cash flow positive today relative to the company’s overall consolidated average or represent a real estate monetization opportunity,” according to the release. Employees at those stores will receive separation benefits.
J.C. Penney reported a 7.1 percent decrease in total net sales for fiscal year 2018 in comparison to fiscal year 2017, but the company expects fiscal year 2019 to bring positive cash flow, according to the release.
Other struggling retail chains that have announced or executed local and national store closures in recent months include Payless ShoeSource, Shopko and Charlotte Russe.
