Willow Grove JCPenney Among 3 Local Stores Closing

WILLOW GROVE, PA — JCPenney in Willow Grove will close its doors permanently on Monday.

It is one of three local JCPenney stores that are closing, in addition to branches at the King of Prussia Mall and the Philadelphia Mills Mall.

In total, around 140 stores nationwide will shut their doors Monday, resulting in a loss of about 5,000 jobs.

The move is hoped to help JCPenney better compete in the changing marketplace, CEO Marvin R. Ellison said in a statement.

“We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers,” Ellison said.

Ellison said JCPenney plans to offer voluntary early retirement to about 6,000 affected employees. Affected employees not eligible for early retirement will receive separation benefits, including assistance in helping them find new jobs, the statement said.

The company estimates the store closings will save it about $200 million this year. JCPenney reported annual sales of $12.63 billion in 2016, up from $12.26 billion in 2015, according to Market Watch.

With reporting from Patch correspondent Sherri Lonon

Photo by Mike Mozart via Flickr used under Creative Commons