After Kmart Now J C Penney Company Inc (JCP) Is Closing Store At Inlet Square Mall


JC Penney Store JCP

Stock Photo of JC Penney Store

J C Penney Company Inc (NYSE:JCP) spokesman Joey Thomas recently said that the retailer will close its operations at the Murrells Inlet mall in South Carolina on or about March 6, 2015. He added that the company would continue to operate at the Myrtle Beach Mall and Coastal Grand mall along the Grand Strand and there are no plans to close those.

J.C. Penney follows Kmart, becoming second major retailers to leave the Inlet Square Mall. Kmart closed its operations last year in April, as part of its initiatives to significantly reduce expenses, adjust its asset base and accelerate the business transformation drive.

Store Closure and Its Impacts

J C Penney Company Inc (NYSE:JCP) noted that it’s never an easy decision to close stores and we do consider its impact on valued associates and customers. However, the company continually reviews its store portfolio to make decisions whether there is a need to close or relocate stores at underperforming locations. Such reviews are integral part of the company’s long-term growth strategy and store closure is a “necessary” business decision.

The J C Penney store closure would impact 65 workers, who may be offered career training classes, separation benefits or jobs at the company’s nearby stores.

About Inlet Square Mall

Inlet Square Mall is conveniently located at the intersections of Highways 17 Bypass and Business. The mall is anchored by Books-A-Million, Stein Mart, Belk, Frank Theatres CineBowl & Grill, Noble Jewelers and Bath & Body Works among others.

Alongside J C Penney Company Inc (NYSE:JCP)’s announcement to close its store, mall authorities would be seeking new additions and a new major tenant.  Planet Fitness is reported to open a 22,000 sq. ft. gym at the Inlet Square Mall in spring.

The mall website lists space availability from 407 sq. ft. up to 10,047 sq. ft. in a recently renovated and enclosed one story Mall.

Lisa Ray

Lisa Ray primarily covers Retail and Healthcare. Lisa Ray has completed her MBA (Finance) and an avid market tracker. She is a stock market analyst who closely tracks US markets along with other global markets like India. She has been expressing her views for years about markets and also advises various clients.

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