A Popular Department Store Now Makes A Painful Closure

June 12, 2024

A popular department store now makes a painful closure, triggering liquidation sales between 20%-50% off all items.

A JCPenney outlet in Waterville, Maine – around 75 miles from Portland – will permanently close by September 22.

Signs informing customers about discounts and the store closure have been put up outside the premises and on windows, per The Waterville Morning Sentinel.

The prices of items have been cut by between 20-50%.

A spokesperson told the Morning Sentinel that chiefs couldn’t agree on a lease with the landlord.

“Regretfully, we were unable to renew our current lease with the landlord for this store location and have been unable to find another suitable location in the market,” they said.

JCPenney fans have been left dismayed by the news of the closure.

“Why is JCP going? I know so many people that shop there. There is nothing like it in Waterville,” one shopper said.

Another fan said they were sad the JCPenney store was about to close.

They said they preferred to shop at the location rather than Walmart.

Shoppers reminisced on how they used to buy clothes ranging from back-to-school outfits to graduation attire at the JCPenney store.

Chris Weeks said the JCPenney store had the same smell it did 30 years ago, per The Morning Sentinel.

A Reny’s: A Maine Adventure store will take up the space left by JCPenney.

The new store is due to open in spring 2025, according to reports.

The company will employ between 25 and 40 people.

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.

TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.

This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.

The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.

Today, Fridays will welcome in famished diners at its location in Brick for the final time.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”

Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.

“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.

“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.

Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.

The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.

Also Read: Retirees Will Now Receive More Money For Social Security

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