J.C. Penney (JCP) said Thursday it will close 39 stores this spring and lay off 2,250 workers.
The news comes just days after the department-store chain reported stronger-than-expected holiday sales numbers. Shares soared 20 percent Wednesday in response to the holiday performance as investors rushed to grab a stake in the company's turnaround.
While it might seem strange that Penney would close stores after catching some solid holiday momentum, this is business as usual for the company. Penney said it continually evaluates its store portfolio to see if the underperforming ones need to be closed or relocated.
"Reviews such as these are essential in meeting our long-term goals for future company growth," a spokesman said. A year ago, Penney said it would close 33 stores across the country and cull about 2,000 jobs.
After the newest round of closures, Penney will have about 1,020 locations in 49 states and Puerto Rico.
Penney shares rose less than 1 percent Thursday to close at $7.95. That's nearly unchanged from a year ago.
Pennsylvania will see the most closings, with five. Penney's home state of Texas, where it has dozens of locations, will see only one closure.
Here's the list of all 39 stores Penney plans to shutter:
- Walnut Square Mall in Dalton
- LaGrange Mall in LaGrange
- Gwinnett Place Mall in DuluthLagrange Mall in Lagrange
- Southbridge Mall in Mason City
- Westland Mall in West Burlington
- Crossroads Shopping Center in Waterloo
- Northland Plaza in DeKalb
- Quincy Mall in Quincy
- Marquette Mall in Michigan City
- Hanover Mall in Hanover
- Silver City Galleria in Taunton
- Adrian South Mall in Adrian
- Cumberland Mall in Vineland
- Hudson Valley Mall in Kingston
- Randolph Mall in Asheboro
- Southgate Mall in Elizabeth City
- Signal Hill Mall in Statesville
- Parkwood Mall in Wilson
- Eastland Mall in Columbus
- North Towne Plaza in Greenville
- Upper Valley Mall in Springfield
- Pony Village Mall in North Bend
- Chambersburg Mall in Chambersburg
- Susquehanna Valley Mall in Hummels Wharf
- Granite Run Mall in Media
- Nittany Mall in State College
- York Galleria in York
- Providence Place Mall in Providence
- Aiken Mall in Aiken
- Inlet Square Mall in Murrells Inlet
- Lakewood Mall in Aberdeen
- Market Square Mall in Brenham
- Manassas Mall in Manassas
- The Marquis in Williamsburg
- Diamond Run Mall in Rutland
- St. Albans Shopping Center in St. Albans
- Aviation Plaza in Oshkosh
- Regency Mall in Racine
- Shawano Plaza in Shawano