Source:
DM NewsRetailer JCPenney said January 24 that it will close five department stores and all 19 legacy catalog outlets in the next two years. The moves are part of the company's shift in strategy to invest more in its online offerings.
The retailer will also consolidate all call center operations into three facilities, closing two others. It will also shut down an underperforming home store and furniture outlet.
JCPenney is moving resources from physical stores and catalogs to online initiatives. Last September, the company said it will discontinue its catalog business in favor of “look books,” which refer customers to the company's e-commerce website. The brand also launched a Facebook e-commerce store last December.
“As we've seen customers moving more and more online, we're really following the customer,” said Tim Lyons, spokesperson for JCPenney. “As our chairman said, ‘we are not leaving the catalog business, our customers are.' These changes are in response to that.”
Read more:
http://www.dmnews.com/jcpenney-to-shut-down-catalog-outlets/article/194890/
I hope the new hedge fund manager additions to the board of directors do not destroy this old American company.
"JCPenney’s commitment to serving its customers with style, quality and smart prices has led the Company through many transformations over the years as society and shopping habits change. Furthermore, through more than 100 years of history, the Company has stayed true to its Golden Rule beginnings, with a continued commitment to care for the communities where it does business in and operate in an ethical and responsible manner."
http://www.jcpenney.net/about/jcp/jcphistory/default.aspx