AROOSTOOK, Maine. (WAGM) In February of 2014, J. C. Penney Company, Inc. (NYSE: JCP) announced its plan to close 130-140 stores over the next few months. As part of a continuing effort to advance sustainable growth and long-term profitability, J. C. Penney Inc. will be closing 138 stores. However, the Aroostook Centre Mall's JCPenney, located in Presque Isle, will not be one of those stores closing. Approximately 5,000 positions nationwide will be impacted by the store closures, most of which will occur in June. JCPenney is in the process of identifying relocation opportunities within the Company for esteemed leaders. Additionally, JCPenney will provide outplacement support services for those eligible associates who will be leaving the company.
“We understand that closing stores will impact the lives of many hard working associates, which is why we have decided to initiate a voluntary early retirement program for approximately 6,000 eligible associates. By coordinating the timing of these two events, we can expect to see a net increase in hiring as the number of full-time associates expected to take advantage of the early retirement incentive will far exceed the number of full-time positions affected by the store closures,” said Marvin R. Ellison, chairman and chief executive officer of JCPenney.
Affected stores will begin the liquidation process on April 17th.