From JCPenney to Trump: Seven eerie economic forecasts “The Simpsons” are right
America’s favorite yellow families were eeriely accurate in predicting economic events decades before they were happening.
Money tells the news
- JCPenney is closing its location in Westminster Mall in Orange County, California.
- The store will remain open to the public until November 16th. The store will close around November 21st.
- The 76 employees working in the store will be affected by the closure.
JCPenney has closed yet another location. This time it’s in Orange County, California.
JCPenney will close the Westminster Mall location around November 21, according to a Worker Coordination and Retraining Notice (WARN) filed on August 18th obtained by USA Today. The store will remain open to the public until November 16th.
There are 76 employees working there and will be impacted by the closure, the warning notice said. These employees may be offered employment at other JCPenney locations, depending on their business needs and related interests.
“Closing the store was a difficult decision. I would like to thank JCPenney for the time and effort he is devoted to,” reads a letter from USA Today to the associates at the location.
JCPenney was unable to continue the lease at the mall and could not find another location in the area, according to a JCPenney statement obtained by USA Today.
This particular JCPenney store opened in August 1974, coinciding with the grand opening of Westminster Mall. JCPenney is one of MALY’s anchor stores, Macy’s and Target. The former has also been closed this year, USA Today previously reported.
Seven JCPenney stores and Texas warehouses have also been closed this year
In addition to the Orange County Store, the company closed seven other locations across the country in May. JCPenney previously told USA Today that these closures were due to “an expiration of lease agreements, market changes, or other factors.”
The company also announced in May that it would close its alliance supply chain facility in Haslet, Texas around November 1st, according to a warning notification. As a result, as many as 296 employees can be fired, but “minority” workers may be offered positions at other JCPenney locations.
Employees will be fired by two waves, warning notifications show layoffs of 42 employees August 1-14, and 254 employees will be letting go from November 1-14.
JCPenney sells 119 stores for $947 million
Orange County closures include JCPenney in July, Boston private equity company Onyx Partners, Ltd. after the announcement that it had purchased 119 stores for $947 million. The company is expected to close trading by September 8th.
Real estate management firms Newmark and Hilco Real Estate are seeking buyers of these JCPenney locations for copper property, a trust formed by JCPenney lenders as part of a restructuring of retailers after filing for bankruptcy in 2020.
Following JCPenney’s bankruptcy, Copper Property managed around 160 JCPenney locations and six distribution centres. Simon Property Group and Brookfield Asset Management Inc. have taken over JCPenney’s business and the rest of the location. The department store chain, which currently has around 650 stores, is one of the largest retailers to file for Chapter 11 bankruptcy protection.
Money from the acquisition goes to JCPenney’s creditors. $928 million to $932 million will be distributed after the closure costs, principal Larry Finger said during a conference call discussing the July 28 deal.
Gretacross is a national trend reporter for USA Today. Story ideas? Please email her gcross@usatoday.com.
Mike Snyder is a national trending news reporter for USA Today. You can follow him in the thread, send BlueSky, X with X and send him an email Bliss & @mikegsnider.bsky.social & @mikesnider &msnider@usatoday.com
