Hamilton Mall store not affected by J.C. Penney closure announcement

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As part of its turnaround efforts, the company will be closing 33 underperforming stores across the country. As part of its turnaround efforts, the company will be closing 33 underperforming stores across the country. HAMILTON TOWNSHIP – J.C. Penney in the Hamilton Mall has been spared from the list of stores the company intends to close in 2014, according to an announcement from the firm.

"As part of its turnaround efforts, the company will be closing 33 underperforming stores across the country in order to focus its resources on the company's highest potential growth opportunities," the company announced in a news release Wednesday, Jan. 15.

The struggling retailer said it expects to generate an annual savings of approximately $65 million.

Remaining inventory in the affected stores will be sold over the next several months, with final closings expected to be complete by early May. The closings will result in the elimination of approximately 2,000 jobs.

"As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly," said Myron E. “Mike” Ullman, III, chief executive officer of J.C. Penney.  "While it's always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position J.C. Penney for future success."

The company said it is continuing its plans to open a new store later this year at the Gateway II development in Brooklyn, N.Y.

The company, which has failed to show a profit in nine straight quarters, has seen its stock price plunge from almost $19 a year ago to $6.90 a share Friday, Jan. 17, according to Bloomberg News.

J.C. Penney Company, Inc. is one of the nation's largest apparel and home furnishing retailers with more than 1,000 stores nationwide.

As part of its turnaround efforts, the company will be closing 33 underperforming stores across the country. As part of its turnaround efforts, the company will be closing 33 underperforming stores across the country.


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