More JCP Closures
J.C. Penney will close 27 stores in at least 13 states with most closing by July 5. Lisette Barraza (R) hands a shopper her merchadise in a bag displaying the new store logo at a JCPenney store in the North Riverside Park Mall February 1, 2012 in North Riverside, Illinois. J.C. Penney Company Inc., the parent company of JCPenney, today rolled out a major transformation of its JCPenney stores which included a new pricing structure that offers fewer sales, monthly specials, and more predictable pricing. The stores will also add new merchandise brands to their existing lines and display the new store logo. Getty Images/Scott Olson

Following the January announcement that it would close three stores, J.C. Penney (JCP) is set to close an additional 27 stores throughout the year. While a full list of closings was not available from the retailer, J.C. Penney has announced several store closings locally with most slated to occur by July 5.

The store closings affect 18 full-line department stores as well as nine home and furniture stores in at least 13 states. The closures are part of J.C. Penney’s ongoing evaluation of its store portfolio which it said in January would occur over the next few months.

The company said in a statement in January that it would assess its stores, identifying locations that were not meeting financial goals or had real estate assets that could be taken advantage of as it looks to free up cash flow and reduce inventory for a year-end liquidity of more than $2 billion.

Store closures will include:

  • Pines Mall: Pine Bluff, Arkansas
  • NewPark Mall: Newark, California
  • Ponce De Leon Mall: St. Augustine, Florida
  • Glynn Place Mall: Brunswick, Georgia
  • Lakeforest Mall: Gaithersburg, Maryland
  • The Orchards Mall: Benton Harbor, Michigan
  • Sikeston, Missouri
  • Springfield, Missouri
  • St. Louis, Missouri
  • Hamilton Mall: Mays Landing, New Jersey
  • Smith Haven Plaza: Lake Grove, New York
  • Cary Towne Center: Cary, North Carolina
  • Riverbirch Center Mall: Sanford, North Carolina
  • Greenwood Mall: Greenwood, South Carolina
  • Midway Mall: Elyria, Ohio
  • Northgate Mall: Seattle, Washington

Beyond closing 27 stores, J.C. Penney has also named Bill Wafford as its new CFO, reporting to CEO Jill Soltau. Wafford succeeds Micheal Fung, who was serving as the interim chief financial officer for the company. Wafford comes to J.C. Penney from The Vitamin Shoppe, where he served as executive vice president and chief financial officer.

Shares of J.C. Penney stock were up 1.3158 percent as of 10:46 a.m. on Wednesday.

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