JC Penney outlet stores JC’s 5 Star Outlet will close their doors amid a steep drop in sales, according to the Associated Press. The outlet stores have 15 locations and the move will mean the loss of 1,400 jobs.
The outlet stores were purchased in October 2011 by SB Acquisitions from J.C. Penney.
“Going out of business” sales will start October 2, offering shoppers deeper discounts than the usual outlet prices of 25% to 75% off retail, according to AP.
In a statement, Glen Gammons, CEO of JC’s 5 Star Outlet, said: “The closing of the outlets was necessitated by the precipitous decline of sales. After exploring all the alternatives, we could no longer incur the losses resulting from the continued operation of the outlet stores.”