Penney's To Close Store In Muscatine - News and Weather For The Quad Cities -

Penney's To Close Store In Muscatine

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Job cuts and store closings are in the works in an effort to turn things around for J. C. Penney. The retailer announced Wednesday that it will close 33 under-performing stores, including the one located at Muscatine Mall.

The national department store chain has been struggling to recover from a failed marketing initiative that replaced sales promotions with an everyday low pricing strategy. Since the company vacated the idea and returned to sales promotions, revenue and stock prices have slowly started to move higher. But apparently it came too little too late.

The company says remaining inventory in the affected stores will be sold over the next several months, with final closings expected to be complete by early May. The closings will result in the elimination of approximately 2,000 positions. Eligible employees will receive separation benefits packages.