J.C. Penneys released the list of 138 stores it plans to close across the U.S. The retail company announced earlier this year they would close up to 140 stores. (Source: Mark Lennihan/AP File Photo)
(RNN) - J.C. Penney on Friday listed the 138 stores it is closing.
The apparel and home furnishings department store originally announced its intention to close the stores in February.
The move will impact about 5,000 employees, the company said. J.C. Penney said it will provide outplacement support for those who will lose their jobs.
Most stores will start the liquidation process on April 17, and the closures will be complete by June.
The closing stores represent about 13 to 14 percent of the company's portfolio, and less than 5 percent of annual sales.
In addition to the retail stores, one supply chain facility in Lakeland, FL, will close and one supply chain in Buena Vista Park, CA, will relocate.
“In 2016, we achieved our $1 billion (Earnings Before Interest, Taxes, Depreciation and Amortization) target and delivered a net profit for the first time since 2010; however, we believe we must take aggressive action to better align our retail operations for sustainable growth," said Marvin R. Ellison, chairman and CEO of J.C. Penney in the Feb. 24 news release that originally announced the store closures.
The company said it believes closing stores will allow it to adjust "to effectively compete against the growing threat of online retailers."
J.C. Penney has more than 1,000 store locations across the U.S. and Puerto Rico and employs more than 100,000 associates.
The retailer is far from being the only one facing headwinds from online retailers. In recent weeks, Gordmans, RadioShack and Gander Mountain all filed bankruptcy in the past two weeks.
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