JCPenney closing 138 stores; See the full list

5,000 positions will be impacted

JCPenney plans to shutter 138 stores in the coming months, the latest traditional retailer to announce closings.

The move will affect about 5,000 employees nationwide, according to a press release on March 17.

See the full list of stores closing below.

JCPenney Store Closings 031717 by Clint Davis on Scribd

 

Because it will hire to fill those buyout positions, the company said it expects a net increase in hiring, even counting the job cuts from closed stores.

The closings should take place by the end of June. The locations will be revealed by mid-March. JCPenney will also close two distribution centers. It had 105,000 employees manning 1,021 stores as of a year ago.

JCPenney joins a list of traditional retailers scaling back brick-and-mortar stores. Sears Holdings, which includes the Sears and Kmart brands, announced plans to close 150 stores last month, and Macy's is closing 68 stores and cutting 10,000 jobs.

The Limited closed its remaining stores last month, and American Apparel, which filed for bankruptcy for a second time last year, is expected to close all its stores. Sports Authority went out of business following a bankruptcy filing last year.

By contrast, Amazon expects to hire 100,000 U.S. workers this year as it continues to expand.

JCPenney will take a $225 million hit to its earnings from the cost of closing the stores. But it expects to save $200 million a year in payroll and other costs. It said the stores to be closed had weaker sales or would have needed expensive upgrades.