Report: Maine Mall’s J.C. Penney store could face closure
J.C.Penney’s South Portland store is among 39 earmarked by an analyst for possible closure.
Morningstar Credit Reports says the store closures will have a widespread impact on the health of regional malls.
J.C.Penney, which is based in Plano, Tex., announced earlier this year it expects to close 130 to 140 stores as part of a cost-cutting move. It hasn’t released the list of stores.
Since last August, Macy’s, Sears Holdings and J.C.Penney have announced plans to close up to 390 stores. But the Wall Street Journal reports that not all mall owners are bemoaning the departure of the long-time retailers. Some of the REITs that own regional malls are seeing it as an opportunity to sign more contemporary tenants that may pay higher rents.
CNN Money reported Thursday that poor earnings results is prompting Staples to close 70 more stores, or 4.5% of its 1,600 remaining locations, during the current fiscal year. The locations to be closed have not been disclosed yet by the company. It closed 48 stores last year and has shuttered about 350 stores over the last five years.
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