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Wilkes-Barre issues RFP asking for professional help to market properties

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NFL Free Agency moves continue

<p>WILKES-BARRE &#8212; J.C. Penney Co.&#8217;s recently announced plan to optimize its national retail operations as part of the company&#8217;s return to profitability might not include keeping its Wyoming Valley Mall store open, according to a credit rating service.</p><p>Under the plan, the company expects to close two distribution facilities and approximately 130 to 140 stores over the next few months.</p><p>According to a report done by Morningstar Credit Ratings, the Wyoming Valley Mall store was one of 39 stores that the service as identified as most at risk for closing.</p><p>A news release from the company&#8217;s corporate headquarters in Plano, Texas, states these strategic decisions will help align the company&#8217;s brick-and-mortar presence with its omnichannel network, thereby redirecting capital resources to invest in locations and initiatives that offer the greatest revenue potential.</p><p>Joey Thomas, corporate communications and public relations spokesperson for the J. C. Penney Co., said the company doesn&#8217;t comment on analyst reports or market speculation and will issue a list of closing locations in mid-March.</p><p>Thomas confirmed information that was released Feb. 24 by the company, stating, &#8220;As part of our continuing effort to advance sustainable growth and long-term profitability, JCPenney will be closing 130 to 140 stores. The company is also implementing a voluntary early retirement program incentive for approximately 6,000 eligible associates.&#8221;</p><p>Thomas said even though the company is closing a larger number of locations this year than it has in the past, it continues to recognize the importance of physical stores in an ever-evolving retail landscape.</p><p>&#8220;Our stores are a destination for personalized beauty offerings, a broad array of special sizes, affordable private brands and quality home goods and services,&#8221; Thomas said.</p><p>However, Thomas said it&#8217;s essential to adjust the company&#8217;s store portfolio and invest in those locations that offer the best expression of the JCPenney brand.</p><p>&#8220;Taking actions that directly impact our valued associates and loyal customers is difficult, but we&#8217;ll go to great lengths to relocate esteemed leaders, while providing outplacement support services for those eligible associates who will be leaving the company,&#8221; Thomas said.</p><p>According Morningstar Credit Ratings, there 39 stores reported sales that were less than the company&#8217;s 2015 national average.</p><p>Here&#8217;s what the report said:</p><p>&#8220;Our biggest concern is the Wyoming Valley Mall loan, with a loan balance of $76 million. JCPenney occupies 172,860 square feet and reported sales of $89 per square foot in 2013, the most recent figure available, which were weak compared with JCPenney&#8217;s 2015 average sales of $120 per square foot, the most recent available.&#8221;</p><p>The Wyoming Valley Mall also features three other &#8220;anchor stores&#8221; &#8212; Macy&#8217;s, Bon-Ton and Sears, all of which, the Morningstar reports says, are part of the collateral for the loan. Additionally, the report noted that hhgregg announced March 2 that it was closing 88 stores, including the Wilkes-Barre location, which is also collateral for the loan.</p><p>According to the company, the stores most at risk of closure either require a significant capital investment or have below-average sales.</p><style>
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<div class="neCaption">Morningstar Credit Ratings included the JCPenney store at the Wyoming Valley Mall on a list of 39 in danger of closing/ </div></div><div class="metaInfo"><photo0>https://www.timesleader.com/wp-content/uploads/2017/03/web1_TTL030917JCPenneys1-2.jpg</photo0><caption0>Morningstar Credit Ratings included the JCPenney store at the Wyoming Valley Mall on a list of 39 in danger of closing/ </caption0><photoCredit0>Aimee Dilger | Times Leader </photoCredit0></div></div>
<div class="metaInfo"><bylineMeta><p>By Bill O&#8217;Boyle</p><p>boboyle@www.timesleader.com</p></bylineMeta></div><div class="metaInfo"><shirttailMeta><p>Reach Bill O&#8217;Boyle at 570-991-6118 or on Twitter @TLBillOBoyle.</p></shirttailMeta></div>

JCPenney in Wyoming Valley Mall on list of possible closures