The Greenwood Mall will lose one of its largest tenants this summer – the J.C. Penney Co. announced Thursday that it would close the site in July – out of a total of 26 closed in the country.
"As part of a standard annual review, JCPenney can confirm that it will close its store located at the Cross Creek Mall in Greenwood with an effective closing date on July 5. This decision is a result of the following: an ongoing review of our store portfolio, which includes evaluating sites that may not meet our financial objectives or representing an opportunity to take advantage of beneficial real estate assets, "said group spokesman Carter In a statement, "It's never easy to take action that directly impacts our valued employees and customers, but we believe this is a necessary business decision."
JC Penney opened its first site in Greenwood in 1925 and operates its current site since the opening of the mall in 1979. The retailer recently signed a lease in 2009 expiring in August, according to the records of the company. ;immovable.
Hull Property Group officials, the Augusta, Georgia-based company and owner of the mall, declined to comment Thursday, pending discussions with the retailer.
"The stores identified for closure require significant capital, have a minimum positive cash flow relative to the overall consolidated average of the Company or represent a real estate monetization opportunity." The comparable sales of the closed stores were significantly lower than the remaining base. at a much higher expense rate given the lack of productivity, "said JC Penney in a press release released Thursday, announcing the fourth quarter results.
J.C. Penney marks the second large-scale start of the mall over the last six months. In July, SYKES announced the end of its stay in Greenwood, removing 213 jobs among the 2,250 employees removed in the second quarter of 2018 across the country.
Contact editor Adam Benson at 864-943-5650 or on Twitter @ABensonIJ.