J.C. Penny is Closing Over 100 Stores
J.C. Penny just announced that they are closing 13% to 14% of their stores. This move will possibly put 6,000 people out of a job across 140 stores. This is another clothing retailer like Wet Seal who is closing all of their stores and Macy’s who decided to close some of their stores as well. The stock and the profits have dropped so having fewer stores may be the best financial decision for the future of the brand.
I think the online retail industry is killing the business for some of these big box retailers. Fashion consumers are also buying more niche items from a much smaller retailer which is good my brand Stash Me Clothing, but can force the big retailers to make some adjustments. I do believe the big box retailer downsizing will preserve the brands from going out of business completely.