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County J.C. Penney Store Safe From Chopping Block

| January 16, 2014

JC Penney

DESPITE NUMEROUS CLOSINGS NATIONWIDE, IT LOOKS LIKE THE COUNTY J-C PENNEY STORE IN THE AROOSTOOK CENTRE MALL IS SAFE FOR NOW. THE TROUBLED RETAILER ANNOUNCED TODAY THAT IT’S CUTTING TWO-THOUSAND JOBS AND CLOSING 33 OF ITS “UNDERPERFORMING” STORES. A COMPANY PRESS RELEASE LISTED THE 33 STORES ON THE CHOPPING BLOCK…THERE WERE NO MAINE STORES LISTED. J-C PENNEY EXPECTS THE MOVES TO GENERATE 65-MILLION-DOLLARS A YEAR IN SAVINGS. THE STORE CLOSINGS ARE EXPECTED TO BE COMPLETED BY EARLY MAY. J-C PENNEY STOCK HAS FALLEN MORE THAN 60-PERCENT OVER THE PAST 12 MONTHS.

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