NEW YORK: J.C. Penney Co. said that it will close about 40 stores this year and cut approximately 2,250 jobs, as it tries to improve its profitability.
Most of the stores, located in malls around the country, will close by April 4.
The Plano, Texas, company currently runs about 1,060 stores.
The announcement Thursday comes two days after J.C. Penney reported a rise in sales during the critical holiday shopping season, an encouraging sign as the company tries to recover from a botched plan to reinvent itself under former CEO Ron Johnson.
It has tapped a new CEO, former Home Depot executive Marvin Ellison, who will replace current CEO Mike Ullman in August.
Ullman was rehired as CEO in April 2013 after retiring from the top job in 2011.
J.C. Penney said all employees at stores being closed will be offered career training classes, including help writing resumes and filling out applications.
The company said that some employees are eligible to receive separation benefits.
Last January, the company announced plans to close about 33 stores and cut approximately 2,000 jobs.
JC Penney to shut 40 stores and cut 2,250 jobs this year
JC Penney to shut 40 stores and cut 2,250 jobs this year
Industry leaders highlight Riyadh’s Metro, infrastructure as investment catalysts
RIYADH: Saudi Arabia’s capital, Riyadh, is experiencing a transformative phase in its real estate sector, with the construction market projected to reach approximately $100 billion in 2025, accompanied by an anticipated annual growth rate of 5.4 percent through 2029.
The Kingdom is simultaneously advancing its data center capacity at an accelerated pace, with an impressive 2.7 GW currently in the pipeline. This expansion underscores the critical role of strategic land and power planning in establishing national infrastructure as a cornerstone of economic growth.
These insights were shared by leading industry experts during JLL’s recent client event in Riyadh, which focused on the city’s macroeconomic landscape and emerging trends across office, residential, retail, hospitality, and pioneering sectors, including AI infrastructure and Transit-Oriented Development.
Saud Al-Sulaimani, Country Lead and Head of Capital Markets at JLL Saudi Arabia, commented: “Riyadh is positioned at the forefront of Saudi Arabia’s Vision 2030, offering unparalleled opportunities for both investors and developers. National priorities are continuously recalibrated to ensure strategic alignment of projects and foster deeper collaboration with the private sector.”
He added: “Recent regulatory developments, including the introduction of the White Land Tax and the rent freeze, are designed to stabilize the market and are expected to drive renewed focus on delivering premium-quality assets. This dynamic environment, coupled with evolving construction cost considerations in select segments, is fundamentally reshaping the market landscape while accelerating progress toward our national objectives.”
The event further underscored the transformative impact of infrastructure initiatives. Mireille Azzam Vidjen, Head of Consulting for the Middle East and Africa at JLL, highlighted Riyadh’s transit revolution. She detailed the Riyadh Metro, a $22.5 billion investment encompassing 176 kilometers, six lines, and 84 stations, providing extensive geographic coverage, with a depth of 9.8 km per 100 sq. km. This strategic development generates significant TOD opportunities, with properties in proximity potentially commanding a 20-30 percent premium. JLL emphasized the importance of implementing climate-responsive last-mile solutions to enhance mobility and accessibility, particularly given Riyadh’s extreme temperatures.
Gaurav Mathur, Head of Data Centers at JLL, emphasized the rapid expansion of the Kingdom’s AI infrastructure, signaling a critical area for technological investment and innovation.
Focusing on the construction sector, Maroun Deeb, Head of Projects and Development Services, KSA at JLL, explained that the industry is actively navigating complexities such as skilled labor availability, material costs, and supply chain dynamics.
He highlighted the adoption of Building Information Modeling as a key driver for enhancing operational efficiency and project delivery.
