J.C. Penney Closing Several Stores in Southeast Minnesota
J.C. Penney is closing stores in more than 130 cities around the country, including several in our listening area.
CNBC just published a report with this statement from the retail giant's CEO Marvin Ellison, "We believe closing stores will allow us to adjust our business to effectively compete against the growing threat of online retailers."
Fox Business reports that Minnesota is the hardest hit state as far as closings. Eight stores in our state will close. The stores in our listening area that will be closing are in Winona, Red Wing, Faribault and Decorah, Iowa. The store in the Apache Mall in Rochester appears to be safe at this time.
An estimated 5,000 jobs will be eliminated.
Look for liquidation sales to start on April 17.