Written by Adam Hochron
JCPenney at the Cherry Hill Mall will remain open and unaffected by nationwide cuts at the department store.
Company officials announced they will close 33 stores, including two in New Jersey, in order to saving close to $65 million from what they said were underperforming spots.
The closest store affected is at Burlington Center in Burlington Township.
The closures will also result in the loss of nearly 2000 jobs, company officials said.
“As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly,” said Myron E. (Mike) Ullman III, the company’s CEO.
Ullman added, “While it’s always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success.”
The company will also close its location at the Phillipsburg Mall in Warren County.
Editor Bryan Littel contributed to this report.