SourcingAug 01, 2025
Gemfields’ Auction Revenue Drops 50% in H1The nearly six-month pause of operations at its Kagem emerald mine earlier this year impacted the miner’s first-half results.
MajorsFeb 28, 2017
JC Penney to Close 13-14% of Its Stores
Over the next few months, it also will shut down two distribution facilities as part of a plan to improve profitability.
Retailer J.C. Penney announced last week that it will close 130 to 140 of its stores across the country, though it has yet to release details about where said stores are located.
Plano, Texas--J.C. Penney said it will close 130 to 140 stores over the next few months, continuing a trend of major department stores scaling back on physical locations.
The retailer said it will release the list of exactly which stores will close in mid-March once all affected personnel have been notified. The bulk of the stores are expected to close in the second quarter.
The stores identified for closure either would require significant capital to be updated to the new brand standard or are minimally cash flow positive relative to the company’s overall consolidated average, J.C. Penney said in a news release. The company said instead it will focus on “redirecting capital resources to invest in locations and initiatives that offer the greatest revenue potential.”
J.C. Penney said the total store closures represent approximately 13 to 14 percent of its current store portfolio, less than 5 percent of total annual sales, less than 2 percent of EBITDA (earnings before interest, tax, depreciation and amortization) and 0 percent of net income.
The annual cost savings resulting from the closures are estimated at approximately $200 million.
Though J.C. Penney did not release the total number of employees affected by the closings, the company said that it will initiate a voluntary early retirement program for approximately 6,000 eligible associates.
A company spokesperson also told National Jeweler they expect a net increase in hiring, as the number of full-time associates expected to take advantage of the early retirement incentive will exceed the number of full-time positions affected by the store closures.
As a result of the store closings, J.C. Penney also will shut down two distribution centers. It will close its Lakeland, Florida center in early June, at which time operations will transfer to the logistics facility in Atlanta, and also is in the process of selling its supply chain facility in Buena Park, California.
The announcement of store closures is just the latest among department stores that are seeing lagging sales.
Others to announce mass store closings include Macy’s and Sears.
J.C. Penney also has released its fourth quarter and full-year results.
Comps for the three-month period ended Jan. 28 were down about 1 percent as were net sales, to $3.96 billion, but J.C. Penney noted that fine jewelry, along with home, Sephora and salon, was one of its top-performing merchandise divisions during the quarter.
Meanwhile, for the 12-month period, comps were flat and
net sales were down 1 percent to $12.54 billion.
However, J.C. Penney delivered a net profit last year, marking the first time it has done so since 2010.
For the 2017 full year, comps are expected to be in the range of a 1 percent decline to a 1 percent increase.
However, J.C. Penney delivered a net profit last year, marking the first time it has done so since 2010.
For the 2017 full year, comps are expected to be in the range of a 1 percent decline to a 1 percent increase.
More on Majors
The Latest
CollectionsAug 01, 2025
Piece of the Week: Hernsdorf’s ‘Tears of Aphrodite’ NecklaceThe necklace uses spinel drops to immortalize the moment Aphrodite’s tears mixed with her lover Adonis’ blood after he was fatally wounded.
SourcingJul 31, 2025
De Beers Records $189M First-Half Loss The diamond miner and marketer warned last week that it expected to be in the red after significantly cutting prices in Q2.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
Events & AwardsJul 31, 2025
These Are the 2025 CASE Award WinnersJewelers of America’s 35th annual design contest recognized creativity, artistry, style, and excellence.
Weekly QuizJul 31, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsJul 31, 2025
Matthew Tratner Takes Over as CBG President Tratner succeeds Andie Weinman, who will begin stepping back from the buying group’s day-to-day operations.
Policies & IssuesJul 30, 2025
Tariff on India Will Be 25%, Trump Says The president made the announcement via Truth Social Wednesday, adding that India also will face a penalty for its dealings with Russia.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
FinancialsJul 30, 2025
Kering's Jewelry Brands Resilient As H1 Sales Slide 16%The luxury titan’s star brand Gucci continued to struggle amid a "tough" environment.
WatchesJul 30, 2025
Peek Inside Zadok Jewelers’ New Rolex Showroom in AustinIts opening marks the completion of the retailer’s new 11,000-square-foot store in the Texas capital.
SurveysJul 30, 2025
Consumer Confidence Ticks Up in JulyRespondents shared concerns about tariffs and commentary on the “Big Beautiful Bill.”
SourcingJul 30, 2025
Rob Bates to Release Latest Book in His ‘Diamond District Mystery’ Series“Making a Killing in Diamonds” tells the story of Mimi Rosen, the disappearance of a scientist, and the murder of lab-grown diamond CEO.
EditorsJul 29, 2025
Out & About: Visiting Tacori’s Design Studio in LASenior Editor Lenore Fedow learned a lot when she took a behind-the-scenes factory tour with the jewelry brand earlier this year.
Events & AwardsJul 29, 2025
Melee The Show Welcomes 15 New DesignersThe first-time exhibitors, set to debut at the New York City show, share a devotion to craftsmanship, storytelling, and material integrity.
SourcingJul 29, 2025
Auctim to Offer 7.3M+ Carats of Rough EmeraldsThe online auction house’s September sale will feature rough Brazilian emeralds of various qualities.
MajorsJul 29, 2025
Alexis Padis Re-Elected AGS Board President She’ll lead an executive committee consisting of President-Elect Bryan Moeller, Mitchell Clark, Bill Farmer, and Larry Rickert.
Policies & IssuesJul 28, 2025
U.S.-EU Come to Agreement on Tariffs Announced Sunday, the deal will set the tax on goods imported into the United States from the European Union at 15 percent.
CollectionsJul 28, 2025
Nanis Brings a New Palette to ‘Ipanema’A new edition of the Italian brand’s “Ipanema” collection has debuted with gemstones that evoke Brazil’s breathtaking views.
MajorsJul 28, 2025
The 1916 Company Partners with ‘Shark Tank’ Star’s Watch Insurance PlatformThe retailer will refer its customers to WonderCare, founded by venture capitalist and watch collector Kevin O’Leary.
IndependentsJul 28, 2025
Sissy’s Log Cabin to Open Flagship in Arkansas The jeweler’s largest store yet is set to open in Little Rock next fall.
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ NecklaceAnne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong ShowJewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.
FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime AchievementMark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2 While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio CharactersThe “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.
