An announcement by JCPenney that it will close 33 of its stores will not affect the Freehold Raceway Mall location or any of those in Mercer, Middlesex or Monmouth Counties.
A total of 33 “underperforming,” stores will be closed which the company estimates will result in a cost savings of close to $65 million. The closures will also result in the loss of nearly 2000 jobs according to a press release from the company. “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, the company’s CEO.
Ullman added, “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 JCPenney for future success.”
The stores at the Burlington Center and Phillipsburg Mall were among those on the list of locations to be closed. Locations at the Ocean County, Monmouth, Brunswick Square and Quakerbridge Malls as well as the Woodbridge Center were spared from the current round of cuts.