J.C. Penney has released the list of 138 stores it plans to close, including five in Mississippi, in an effort to cut costs and grow sales at its strongest locations.
Mississippi stores on the chopping block include:
Leigh Mall Columbus MS
Southgate Plaza Corinth MS
Greenville Mall Greenville MS
Bonita Lakes Mall Meridian MS
Oxford Mall Oxford MS
The release comes a few weeks after Penney's said it would close up to 140 stores this year, following similar decisions from Macy's and Sears. Between the companies' four biggest chains, which include Sears' Kmart brand, more than 300 big-box stores will go dark this year alone.
The closures highlight the pressures on traditional department stores, which are losing market share to off-price competitors and Amazon. They also underscore the deteriorating economics at lower-quality shopping centers, whose risk of failure rises when an anchor tenant exits.
"We believe closing stores will allow us to adjust our business to effectively compete against the growing threat of online retailers," J.C. Penney CEO Marvin Ellison said in a statement back in February.
The company said at that time that most of its closures would occur in the second quarter. Liquidations will start April 17, it said Friday.
Shoppers enter a J.C. Penney Co. store inside the Glendale Galleria shopping center in Glendale, California, U.S., on Friday, Aug. 16, 2013. Analysts predict a wider second-quarter loss and the ninth straight sales drop when J.C. Penney reports on Aug. 20, though improvements are projected for the second half of the fiscal year. Photographer: Patrick T. Fallon/Bloomberg via Getty Images