119 JCPenney stores face uncertain future after sale
Earlier this year, it shut another seven stores — part of what experts say will be a wave of 15,000-store shutter this year. Major retail chains including Macy's, Party City, and Big Lots have cut stores in the past 18 months as shoppers shift online. JCPenney's decline accelerated during the pandemic but it had been the rise of online shopping that was the root of its problems. After filing for bankruptcy, its stores, warehouses and HQ were split across two companies. Mall owners Brookfield Asset Management and Simon Property Group took over the core JCPenney business and 490 of its stores. Copper Property, a trust formed by JCPenney lenders, took control of 160 stores and six distribution centers, including those in the 119-store sale. Beyond store closures, JCPenney is also cutting jobs by shutting down a warehouse in Texas, which employs around 300 people.
'The stores were sold as part of the bankruptcy agreement which stated real estate assets had to be sold off to help reimburse investors,' retail expert Neil Saunders of GlobalData told Daily Mail. In January, JCPenney announced it was merging with mall staples like Aéropostale, Brooks Brothers, and Eddie Bauer under a new umbrella called Catalyst Brands. The newly formed group is being led by JCPenney's former CEO Marc Rosen. Retail analysts told DailyMail.com they're cautiously optimistic about the future of the retailer. 'JCPenney is midway through a reinvention,' Saunders added. 'There are some signs of success, but they're patchy. The challenge is pulling them together to drive growth.' JCPenney rival Macy's is shutting 150 stores by 2026, leaving only 350 locations left. Last year it shut the first 66 stores this year, including its iconic 51-year-old Massapequa store. Torrid, a once-popular plus-size fashion chain abruptly closed up to 180 stores following a massive sales decline. Meanwhile, Forever 21 ended its 41-year run after filing for bankruptcy twice in five years.
JCPenney stores being sold
Arkansas: The Mall at Turtle Creek, Jonesboro Shackleford Crossing, Little Rock Arizona: Arrowhead Towne Center, Glendale Superstition Springs Mall, Mesa Yuma Palms Regional Center, Yuma Palm Valley Cornerstone, Goodyear. California: Solano Town Center, Fairfield Westfield Plaza Bonita, National City Glendale Galleria, Glendale Huntington Park CBD, Huntington ParK Westfield Santa Anita, Arcadia Plaza at West Covina, West Covina Galleria at Tyler, Riverside Westfield Palm Desert, Palm Desert Westfield North County, Escondido The Shops at Montebello, Montebello Valley Plaza, Bakersfield Antelope Valley Mall, Palmdale Arden Fair Mall, Sacramento Brea Mall, Brea Pacific View Mall, Ventura Northridge Fashion Center, Northridge Imperial Valley Mall, El Centro Victoria Gardens, Rancho Cucamonga The Orchard at Slatten Ranch, Antioch.
Colorado. Town Center at Aurora, Aurora First & Main Town Center, Colorado Springs Connecticut. The Shoppes at Buckland Hills, Manchester Westfarms Mall, Farmington Danbury Fair, Danbury Florida. Westfield Brandon, Brandon Westfield Countryside, Clearwater Westfield Broward, Plantation Pembroke Lakes Mall, Pembroke Pines The Mall at Wellington Green, Wellington Pier Park, Panama City Beach. Georgia. South Point S/C, Mcdonough Iowa. Coral Ridge Mall, Coralville Idaho. Boise Towne Square, Boise.
Michigan: Oakland Mall, Troy Lakeside Mall, Sterling Heights Twelve Oaks Mall, Novi Grand Traverse Mall, Traverse City Rivertown Crossings, Grandville Waterside Marketplace, Chesterfield Township Minnesota: Rosedale S/C, Roseville Missouri: Mid Rivers Mall, St Peters The Plaza at Shoal Creek, Kansas City Mississippi: Southaven Towne Center, Southhaven North Carolina: The Streets at Southpoint, Durham. New Hampshire: The Mall at Rockingham Park, Salem New Jersey: Rockaway Townsquare, Rockaway Woodbridge Center, Woodbridge Newport Centre, Jersey City Freehold Raceway Mall, Freehold New Mexico: Coronado Center, Albuquerque Cottonwood Mall, Albuquerque.
Nevada: Meadowood Mall, Reno Meadows Mall, Las Vegas Galleria at Sunset, Henderson New York: Gateway Shopping Center I & II, Brooklyn Staten Island Mall, Staten Island The Mall at Bay Plaza, Bronx Ohio: SouthPark Center, Strongsville The Mall at Tuttle Crossing, Dublin Polaris Fashion Place, Columbus The Shops at Fallen Timbers, Maumee Stone Creek Towne Center, Colerain Township Oklahoma: Center Owasso, Owasso Penn Square Mall, Oklahoma City Shops at Moore, Moore Oregon: Clackamas Town Center, Portland (Happy Valley) Pennsylvania: Westmoreland Mall, Greensburg The Mall at Robinson T/C, Pittsburgh High Pointe Commons, Harrisburg.
Puerto Rico: Mayaguez Mall, Mayaguez Plaza Centro, Caguas Tennessee: Wolfchase Galleria, Memphis Stones River Mall, Murfreesboro. Texas: Mall Del Norte, Laredo Golden Triangle Mall, Denton Midland Park Mall, Midland Killeen Mall, Killeen Valle Vista Mall, Harlingen Post Oak Mall, College Station New Braunfels T/C at Creekside, New Braunfels The Parks at Arlington, Arlington Lakeline Mall, Cedar Park First Colony Mall, Sugarland Deerbrook Mall, Humble Sunrise Mall, Brownsville Baybrook Mall, Friendswood Fairmont Center, Pasadena Southpark Meadows S/C, Austin Alliance Town Center, Fort Worth Waxahachie Towne Center Crossing, Waxahachie El Mercado Plaza, El Paso Sherman Town Center, Sherman Teas Crossing, Conroe The Shops at Stone Park, Houston.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
18 minutes ago
- Reuters
From ingredient costs to sagging demand, tariffs further pinch company earnings
Aug 5 (Reuters) - Companies across the corporate spectrum revealed more pain from the cost of U.S. President Donald Trump's tariff war, with bellwethers Caterpillar, Marriott and others on Tuesday noting weaker demand and higher prices. All told, global companies that have reported earnings this quarter are looking at a hit of around $15 billion to profits in 2025, Reuters' global tariff tracker shows. A majority of these come from industrial, manufacturing and automotive sectors, while financial and tech sectors are less affected. Trump has said the tariffs are necessary to resolve U.S. trade imbalances and declining manufacturing power; he has said the levies on imports will bring jobs and investment to the United States. "I think we're just getting started," said Steve Sosnick, chief market analyst at Interactive Brokers in Greenwich, Connecticut. "The tariffs are still in their infancy, especially with major trading partners like Canada, China and India still in flux." Tuesday's round of earnings illustrates the different ways trade policy is affecting companies, from the rising costs of imported materials like metals to the slippage in consumer confidence that has sapped demand. Caterpillar (CAT.N), opens new tab, for instance, saw a 0.7% hit to revenue, while its cost of goods rose by 6.5%, and CEO Joe Creed told investors that tariffs are "likely to be a more significant headwind to profitability in the second half of 2025." Beer maker Molson Coors (TAP.N), opens new tab said it was expecting costs of between $20 million and $35 million in the second half of the year due to a tariff-driven rise in the price of aluminum delivered to the U.S. Midwest . Tariffs on aluminum shipped into the United States were doubled to 50% in June from the previous 25% duty imposed in March. The markets, however, have remained resilient even as Trump's policies continue to change. He said on Tuesday that he would raise tariffs on goods imported from India from the current 25% as part of an ongoing spat with the country over its purchases of oil from Russia. U.S. equities rebounded sharply from their April lows following what Trump deemed "Liberation Day," when he unleashed a wave of global tariffs. The S&P 500 (.SPX), opens new tab hit all-time highs last month on the back of strong earnings, led by the so-called Magnificent Seven, a group of tech companies that have benefited from surging investment in artificial intelligence. Of the 370 companies in the S&P 500 that have reported earnings so far, 80.3% have reported quarterly earnings above analyst estimates, with their earnings growth rate at 11.9%, according to LSEG data. "We are figuring out that some industries may be affected, but they also might gain because (new) markets are open to them that may have been closed in the past. We're going to have to have a couple more quarters to see how this actually plays out," said Kim Forrest, chief investment officer at Bokeh Capital Partners. Several market strategists of late have warned that a correction could be in the offing, but are broadly optimistic about the market. Evercore ISI analysts believe the market could dip between 7% and 15% in the September-October period as growth slows and inflation increases, though the AI-driven bull rally should continue. Higher ingredient costs ate into profits of Taco Bell parent Yum Brands (YUM.N), opens new tab, which, like McDonald's (MCD.N), opens new tab and other fast-food chains, leaned on budget-friendly meal deals to boost demand as U.S. consumers pull back on eating out due to worries about rising costs. Hotel operator Marriott International (MAR.O), opens new tab cut its 2025 forecast on softening travel demand, while agribusiness giant Archer-Daniels Midland (ADM.N), opens new tab posted its lowest profit in five years. While some market participants noted that tariff-led uncertainty was likely to persist this year, with over 100 global companies withdrawing or cutting financial guidance, others said in the longer run, companies and investors would be able to see some green shoots. "It seems that companies themselves are a little more optimistic about the outlook now that the Liberation Day tariffs are in the rearview mirror," said Ross Mayfield, investment strategy analyst at Baird. "Companies are going to have to be really deft in how they navigate this (tariffs), but obviously there's no choice but to pass some of this on to the consumer. We see S&P margins hovering around record highs, and it wouldn't surprise me if that ticked down a little bit in the coming quarters."
Reuters
19 minutes ago
- Reuters
Tesla, Elon Musk sued by shareholders over Robotaxi claims
Aug 5 (Reuters) - Elon Musk and Tesla (TSLA.O), opens new tab were sued by shareholders who accused them of securities fraud for concealing the significant risk that the company's self-driving vehicles, including the Robotaxi, were dangerous. The proposed class action was filed on Monday night, following Tesla's first public test of its robotaxis in late June in the company's Austin, Texas, hometown. That test showed the vehicles speeding, braking suddenly, driving over a curb, entering the wrong lane, and dropping off passengers in the middle of multilane roads. Tesla's share price fell 6.1% over two trading days after the test began, wiping out about $68 billion of market value. Musk and his electric vehicle maker were accused of repeatedly overstating the effectiveness of and prospects for their autonomous driving technology, inflating Tesla's financial prospects and stock price. Shareholders said this included Musk's assurance on an April 22 conference call that Tesla was "laser-focused on bringing robotaxi to Austin in June," and Tesla's claim the same day that its approach to autonomous driving would deliver "scalable and safe deployment across diverse geographies and use cases." Tesla did not immediately respond on Tuesday to requests for comment. Chief Financial Officer Viabhav Taneja and his predecessor Zachary Kirkhorn are also defendants. Expanding robotaxis is crucial for Tesla as the company faces falling demand for its aging electric vehicles and a backlash over Musk's politics. Musk, the world's richest person, wants to offer the service to half the U.S. population by year end, but must convince regulators and assure the public his technology is safe. Monday's lawsuit in Austin federal court is led by Tesla shareholder Denise Morand, and seeks damages for shareholders between April 19, 2023 and June 22, 2025. A Florida jury on August 1 found Tesla 33% responsible for a 2019 crash involving its self-driving software, which killed a 22-year-old woman and injured her boyfriend, and ordered it to pay about $243 million in damages to victims. Tesla blamed the driver and plans to appeal. The case is Morand v Tesla Inc et al, U.S. District Court, Western District of Texas, No. 25-01213.
Reuters
19 minutes ago
- Reuters
Wall Street turns negative as economic data, tariff uncertainty weigh
Aug 5 (Reuters) - Wall Street's main indexes swung to losses on Tuesday after data showed U.S. services activity unexpectedly stalled and investors considered the impact of U.S. trade policies on corporate profits. At 11:39 a.m. ET, the Dow Jones Industrial Average (.DJI), opens new tab fell 121.13 points, or 0.27%, to 44,052.51, the S&P 500 (.SPX), opens new tab lost 34.47 points, or 0.54%, to 6,295.47 and the Nasdaq Composite (.IXIC), opens new tab lost 135.41 points, or 0.64%, to 20,918.17. ISM's nonmanufacturing purchasing managers index (PMI) slipped to 50.1 last month from 50.8 in June, as little changes in orders and weaker hiring, alongside rising input costs, highlighted persistent uncertainty from President Donald Trump's tariff policy. Seven of 11 S&P 500 sub-sectors traded in the red, with a 1.1% drop in energy (.SPNY), opens new tab leading the declines. "The ISM services survey highlights the challenges for the Fed in the coming months, with the activity and employment indicators weakening even as the prices paid index rose to a new cyclical high," said Alexandra Brown, North America economist at Capital Economics. Caution also permeated after Trump signaled that the U.S. could soon slap a "small tariff" on pharmaceutical imports before increasing the rate subsequently. The president also suggested announcing tariffs on semiconductors and chips in "next week or so". The technology (.SPLRCT), opens new tab index was down 0.6% and the Philadelphia Semiconductor Index (.SOX), opens new tab declined 1.5%. Tariffs also took a bite out of major corporations' profits, with industrial bellwether Caterpillar (CAT.N), opens new tab warning of an up to $1.5 billion hit in 2025. The construction and mining equipment maker slipped 0.6%. KFC parent Yum Brands (YUM.N), opens new tab fell 4.9% after missing estimates for the second quarter, as steep trade duties restricted consumer spending. Hotel operator Marriott International (MAR.O), opens new tab also fell prey to trade duties as it cut its annual forecast on slowing travel demand, sending its shares down 1.2%. The losses succeeded Wall Street's climb on Monday as disappointing July jobs data and sharp downward revisions to prior months fueled expectations of a Federal Reserve interest rate cut in September. As per CME Group's FedWatch tool, odds of a September cut stand at 89.2%, up sharply from 63.3% just a week ago - and market watchers are eyeing at least two quarter-point cuts by year-end. Meanwhile, Trump's decision to fire the head of the Bureau of Labor Statistics, responsible for past jobs data, stoked investors' fears about the integrity of economic data. Trump in a CNBC interview said he would "shortly" announce his pick for an open seat on the Federal Reserve's board of governors and possibly his nominee for Fed chair as well. Meanwhile, Trump also hinted at progress toward a trade deal with China, suggesting a possible meeting with President Xi Jinping by this year's end if talks succeed. Beyond Friday's jobs data jolt, Wall Street has stayed buoyant. Reflecting the market's upbeat mood, HSBC just boosted its S&P 500 year-end target by more than 800 points to 6,400, citing AI excitement and easing U.S. policy uncertainty. Declining issues outnumbered advancers by a 1.17-to-1 ratio on the NYSE and by a 1.55-to-1 ratio on the Nasdaq. The S&P 500 posted 32 new 52-week highs and six new lows, while the Nasdaq Composite recorded 58 new highs and 60 new lows.
