Mississippi losing J.C. Penny stores in Gautier, Natchez in new round of closings

January 15, 2014

Business, Real Estate

J.C. Penny stores in Gautier and Natchez are among the 33 stores the troubled retailer is closing, the company says.

The Gautier store is at Singing River Mall and the Natchez store at Natchez Mall.

The department-store operator says it will cut 2,000 jobs as part of the closings as it tries to turn around results.

The news comes after J.C. Penney earlier this month said it was pleased with holiday results but declined to give sales figures. A strong November and December is crucial to retailers since it can account for up to 40 percent of annual sales.

The cuts should save more than $65 million annually. The company will take $26 million in charges in the third quarter and $17 million afterward. Penney has 116,000 staffers. All the job cuts are related to the store closings.

Penney is trying to recover from a sales spiral that occurred under former CEO Ron Johnson. The company brought back former CEO Mike Ullman in April.

The retailer has two locations in metro Jackson: Northpark Mall in Ridgeland and Market Street in Flowood.

The company’s website locator map lists other Mississippi stores in Hattiesburg, Laurel, Meridian and Starkville.

The retailer started 2013 with a January announcement that it would be closing more than 40 stores nationally. The company says it now has 1.100 stores in the United States.

 

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