And when the economy takes another downward spiral, the results are becoming all too familiar:
The JCPenney store at Regency Mall in Racine will close during the first quarter of 2015, a spokesman for the company said today.In other words, people weren't spending enough for the story to remain viable and so they decided to cut their losses. This means more lost jobs and even less money in the economy.
“As we continue our turnaround, an important part of our work is identifying opportunities that enable JCPenney to maximize long-term growth and profitability. Doing so is essential to meeting our long-term goals for future company growth. While it’s never an easy decision to close stores, especially due to the impact on our valued associates and customers, we feel this is a necessary business decision,” said JCPenney spokesman Joey Thomas.
The company has no plans to close other stores in Wisconsin, Thomas said.
The JCPenney store closure is another major blow for Regency Mall, which lost its Sears store that closed in January.
I am truly at a loss to see how this is a good thing at all.