J.C. Penney Closing 33 Stores – 2 In Philadelphia Suburbs

English: JCPenney store at the Holiday Village Mall in Great Falls, Montana, taken March 4, 2007. (Photo credit: Wikipedia)

Struggling department-store operator J.C. Penney Co. announced it will cut 2,000 jobs and close 33 stores – including its stores in Exton and Burlington – as it tries to get back on the path to profitability.

The news raises concerns that Penney’s holiday season sales were not what the company hoped for and that the chain needs to do even more to recover from a turnaround plan that has had disastrous results.

J.C. Penney said earlier this month said it was pleased with its holiday results but declined to give sales figures, raising worries among Wall Street analysts about how the season actually fared.

Penney has 116,000 staffers and operates more than 1,100 stores.

Read more at http://www.philly.com/philly/business/20140116_Penney_closing_33_stores_-_2_in_Phila__suburbs.html#uJtvJ5BOgUjA4UKO.99

Sears, Penney Sever Ties With Paula Deen

Sears Essentials (Kmart) logo (Photo credit: Wikipedia)

NEW YORK — Paula Deen’s media and merchandising empire is collapsing.

Sears, J.C. Penney and Walgreen said Friday that they’re cutting ties with Paula Deen, adding to the growing list of companies severing their relationship following revelations that the Southern celebrity chef used racial slurs in the past.

Meanwhile, Paula Deen’s publisher has canceled a deal with her for multiple books, including an upcoming cookbook that was the No. 1 seller on Amazon.com and Barnes & Noble.com.

Ballantine Books announced Friday it would not release “Paula Deen’s New Testament: 250 Favorite Recipes, All Lightened Up,” which was scheduled for October and was the first of a five-book deal announced early last year. Interest in it had surged as Deen, who grew up in Albany, Ga., and specializes in Southern comfort food, came under increasing attack for acknowledging she had used the N-word.

Read more:  http://www.timesherald.com/article/20130628/NEWS04/130629609/sears-penney-sever-ties-with-paula-deen#full_story

Phillipsburg Mall Sold

Census Bureau map of Lopatcong Township, New Jersey (Photo credit: Wikipedia)

Vacancy-plagued Phillipsburg Mall has been sold after nine months on the commercial real estate market.

Pennsylvania Real Estate Investment Trust announced Thursday it sold the mall for $11.5 million, giving the company a 9.8 percent capitalization rate on its investment.  The buyer is Mason Asset Management of Great Neck, N.Y.

Mason owner Elliot Nassim said his company specializes in the redevelopment of malls. “We hope to bring some new tenants to the mall,” he said.

Phillipsburg Mall is a 574,000-square-foot shopping center straddling Lopatcong and Pohatcong townships. It is anchored by Kohl’s, Sears, Bon-Ton and JC Penney.

Read more:  http://www.mcall.com/business/mc-phillipsburg-mall-sold-20130111,0,6549066.story

J.C. Penney Outlet In Fairgrounds Square Mall In Transition To Broader Based Store

JC Penney is one of the three department stores at the mall. (Photo credit: Wikipedia)

The J.C. Penney Outlet, one the three anchor stores at the Fairgrounds Square Mall, is experiencing growing pains.

The store is transitioning to a new outlet store with a new name, JC’s 5 Star Outlet, and an expanded inventory of closeouts from various manufacturers.

For now, store manager Bob Williams wants to focus on one thing: letting customers know that the store is open for business with no plans to close.

“Last year, when J.C. Penney decided to get out of the outlet business, customers were led to believe that we would be leaving,” Williams said.

Read more: http://readingeagle.com/article.aspx?id=390171

Phillipsburg Mall Ordered For Sale

Phillipsburg Mall is home to anchors like Sears, Bon-Ton, Kohl’s and JCPenney’s.

But have you noticed that the mall’s corridors are riddled with vacancies?

I witnessed the sea of empty storefronts as I walked through the mall during lunchtime Wednesday. I wasn’t necessarily dodging tumbleweeds, but the dearth was obvious.

Phillipsburg has one of the highest vacancy rates among the Lehigh Valley‘s shopping malls, with nearly three dozen empty storefronts among its more than 90 spaces in its online directory.

Read more:http://www.mcall.com/business/retailwatch/mc-phillipsburg-mall-for-sale-20120519,0,6196043.column?obref=obinsite

J.C. Penney Returns To Franklin Mills Mall

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The J.C. Penney outlet store at Franklin Mills mall was one of 19 outlet stores closed by J.C. Penney.  In March of 2012, J.C. Penney is coming back to Franklin Mills as a full-line department store.  The new 100,000 square-foot store will occupy the same space but feature an updated design.

Franklin Mills Mall, is owned by Simon Property Group and has 200 stores.

J. C. Penney Store At King Of Prussia Mall Splurges On Remodel

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J.C. Penney is the last original anchor store at the King of Prussia Plaza.  The plaza opened in 1963 with Penney’s, Wanamaker’s and Korvette’s as anchor stores.  To celebrate nearly 50 years at the Plaza, the store splurged on a makeover!

To read all about it, click here: http://www.timesherald.com/articles/2011/09/13/business/doc4e6fe79c39906162083352.txt

J.C. Penney Snags Apple Senior VP Ron Johnson – Look For Big Changes

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With just okay sales and growth, J.C. Penney has lagged behind competitors like Kohl’s and Macy’s.  J.C. Penney has taken a bold step into the light to try to reclaim more market share.

In November, Ron Johnson, Apple’s Senior Vice President of Retail will become J.C. Penney’s new CEO.  One only has to visit an Apple store to see what exciting changes may be in store for one of America’s most iconic retailers.  Apple stores are generally crowded!  Apple stores have customer-centric employees and make the most of current technology.  Imagine what applying these principles would do for your J.C. Penney shopping experience! 

Ron Johnson’s leadership has contributed to a record level of growth for Apple’s retail stores.  Johnson previously worked for Target.

To read the rest of the story from the New York Times, click here: http://www.nytimes.com/2011/06/15/business/economy/15shop.html

Could Granite Run Mall Be The Next Entry On DeadMalls.com?

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Granite Run Mall, just outside of Media, Delaware County is slowly dying.  Empty stores and few shoppers is not a good sign of things to come.  Simon Property Group Inc. and Macerich Co. are the owners of Granite Run Mall.

Granite Run Mall may be up for a short sale or a take over by its lender because of a very late $115 million mortgage payment.  Simon appears to have lost interest in dumping more money into the mall.  Malls across America are struggling as consumers have turned to strip malls, outlet malls and big box retail complexes.  If Granite Run fails, it will be the largest mall to be sold or forfeited to a lender since the current recession started. 

Granite Run is a two-level, super-regional mall with 1,033,000 square feet of retail space.  The three anchor stores are JC Penney, Sears and Boscov’s.  Kohl’s is located outside the mall, along the perimeter, to make a fourth large department store at the mall complex.  The mall opened in 1974 and was remodeled in 1984 and 1994.

J.C. Penney Closing Stores – Dropping Catalog Business

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I guess all good things come to an end.  J.C. Penney is getting out of the catalog business and closing all 19 of their catalog outlet stores.

This is possibly bad news for the Fairgrounds Square Mall, in Muhlenberg Township, which has a J.C. Penney catalog outlet store.  The store used to be a regular J.C. Penney and is one of the mall anchor stores.  The Fairgrounds location converted to the catalog outlet format in 1999. 

No closing date has been set other than it will be sometime in 2011 – 2012.  J.C. Penney would not say whether the store will close or convert back to a standard J.C. Penney retail store.

This would leave Boscov’s and Burlington Coat Factory as the remaining anchor stores in the event Penney’s pulls out of the Fairgrounds Square Mall.