The C in JCPenney stands for “Cash,” that being Mr. Penney’s middle name. (For you completeness-seekers: the founder of the store chain was James Cash Penney, Jr.) Penney’s first store was opened in Kemmerer, Wyoming in 1902. A hundred fifteen years later, JCP is cutting back:
JCPenney recently announced that it would close 130 to 140 stores in the next couple of months because of slowing traffic and sales.
The department-store chain hasn’t yet released a list of which stores it will close, but Morningstar Credit Ratings has identified 39 stores most at risk of closing, based on the stores’ sales data.
The stores that made the list have weaker sales per square foot than JCPenney’s average.
One of those stores is in Oklahoma City’s Penn Square Mall. OKC is the only city in the state with two JCP stores; the other is in Quail Springs Mall, five miles northwest. The ‘burbs, meanwhile, have three more.