A big blow for the Vernon Park Mall as J.C. Penney says it will close its Kinston store.
The troubled retailer announced today that it will close 33 stores across the country and eliminate 2,000 jobs. The Kinston store was the only North Carolina store on the list.
The cuts should save more than $65 million annually. The company will take $26 million in charges in the third quarter and $17 million afterward. Penney has 116,000 staffers. All the job cuts are related to the store closings.
Penney is trying to recover from a sales spiral that occurred under former CEO Ron Johnson. The company brought back former CEO Mike Ullman in April.
J.C. Penney is an anchor store in the Kinston mall, along with Belk.