Here’s everything you should know to start your day:
JCPenney Says Goodbye to Some
JCPenney is closing between 130 and 140 stores in the next couple of months, significantly more than Macy’s already pledge to cut. The company’s year-over-year sales are down, their fourth-quarter sales increased by .7% (yes, with a decimal point), and they’re seeing significantly less foot traffic in most of their locations. That’s why they’re shuttering 13% of their stores, and will announce the exact locations to close in the middle of next month (or, two weeks). The company plans on focusing more on its online storefront, the company will still have to launch a “voluntary early retirement” program for 6,000 employees. The company’s stock ($JCP) subsequently increased by 2.79% after the downsizing news.
Family Christian Says Goodbye to All
Family Christian, the 85-year-old faith-based retailer, is closing all of their locations. The non-profit company employs 3,000 people over 240 stores, though will shutter all locations due to “changing consumer behavior,” according to a company spokesperson. The company owes over $90 million in outstanding debt.
Wendy’s Says Goodbye to Employees
One thousand Wendy’s locations will install “self order” kiosks by the end of the year. The kiosks specifically aim to reduce labor costs, meaning less hours for cashiers at Wendy’s locations (or less cashiers in general). The kiosks will cost the locations around $5,000 each, which is a small price to pay to replace human workers. The most popular Wendy’s franchise stores will get the kiosks first, though no store is required to replace their human workers with these new kiosks.