Radio Shack Store in Centralia and JC Penny's in Effingham Closing
Radio Shack Closing One of 552 Across Country; Penny's Closing One of 138 Closures
0 0

The latest retail store closings by national chains will hit both Centralia and Effingham.

Radio Shack has announced it will close 552, or 36-percent of its stores, as part of a bankruptcy filing last week. The Centralia Radio Shack in the Fairview Park Plaza is one of 14 Illinois stores on the closure list. 187 stores will close immediately, with another 365 closing by the first week of April.

The company says the stores on the list have the 'lowest sales velocity and highest rent'. The company is still evaluating its remaining 1,000 stores. This is the second time that Radio Shack has sought bankruptcy protection.

Meanwhile, J.C. Penny's has announced it will be closing 138 stores across the country in an effort to advance sustainable growth and long-term profitability. Seven of those stores are in Illinois, including the store in the Village Square Mall in Effingham. Liquidation will begin at most stores on April 17th.

The company says about 5,000 positions nationwide will be impacted by the store closures, most of which will occur in June. J.C. Penny is in the process of identifying relocation opportunities within the company for esteemed leaders. The company will also provide outplacement support services for those eligible associates who will be leaving the company.

Leave a comment:

· Subscribe to comments
Be the first to comment here!