Business

Lexington’s JCPenney will stay open; it’s not among chain’s 140 stores closing

AP

Department store chain JCPenney Co. said Friday that it will close as many as 140 stores nationwide over the next few months.

Penney’s corporate office didn’t provide a list of stores closing, Fayette Mall spokeswoman Sarah Enlow said the Lexington store isn’t among the stores to be shuttered.

“Our JCPenney does very well,” she said.

Penney corporate spokeswoman Sarah Holland said in an email that the company won’t release a full list of store closings until mid-March.

Marvin Ellison, chairman and CEO of the Plano, Texas-based company, said the company would retain the stores that generated higher sales by following the company’s growth initiatives, including beauty and special sizes, which generated “significantly higher sales, and a more vibrant in-store shopping environment.”

The company is offering a voluntary early retirement program for about 6,000 employees.

Ellison said closing stores “will also allow us to adjust our business to effectively compete against the growing threat of online retailers. Maintaining a large store base gives us a competitive advantage in the evolving retail landscape since our physical stores are a destination for personalized beauty offerings, a broad array of special sizes, affordable private brands and quality home goods and services.”

Cheryl Truman: 859-231-3202, @CherylTruman

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