The only New Jersey store that will be closing is in Rio Grande. There are two local JCPenney stores; one in the Monmouth Mall in Eatontown and another in the Freehold Raceway Mall.
"We understand that closing stores will impact the lives of many hard working associates, which is why we have decided to initiate a voluntary early retirement program for approximately 6,000 eligible associates," Marvin R. Ellison, chairman and chief executive officer of JCPenney said in a release. "By coordinating the timing of these two events, we can expect to see a net increase in hiring as the number of full-time associates expected to take advantage of the early retirement incentive will far exceed the number of full-time positions affected by the store closures."
Associates who will be impacted by the store and distribution center closures will receive separation benefits, which includes assistance identifying other employment opportunities and outplacement services such as resume writing and interview preparation.
The total store closures represent approximately 13 - 14 % of the company's current store portfolio, less than 5% of total annual sales, the release states. These stores showed lower sales totals than the company's average.
The closures will save the company an estimated $200 million.