J.C. Penney plans to close 33 of its underperforming stores across the country, including two in Florida, the company announced late Wednesday.
The move will result in an annual cost savings of approximately $65 million a year.
The two store closures in Florida are at Lake Square Mall in Leesburg and Gulf View Square in Port Richey. Other closures include stores in Norfolk, Va., the Pittsburgh suburb of Washington, Pa., Chattanooga, Tenn. and Colorado Springs, Colo.
“As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly,” said Myron E. (Mike) Ullman, III, chief executive officer of JCPenney, in a statement. “While it’s always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success.”
A full list of JCPenney stores that will be closing is available here.
