May 25, 2014
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Goodbye old friend.
PLANO, Texas — J.C. Penney Co. is closing some stores, outlets and call center locations -- including two in metro Atlanta -- and continuing to work on an exit from its catalog business in an effort to streamline operations and boost profits.
Penney will close a total of six retail outlets, including the department store at Southlake Mall in Morrow and the home store on Pleasant Hill Road in Duluth.
The department store operator also said Monday that Vornado Realty Trust Chairman Steven Roth and activist investor William Ackman will become board members. Penney's enacted a "poison pill" in October after both Ackman and Vornado took large stakes in the company.
Ackman and his hedge fund Pershing Square Management have pushed for major changes at retailers he holds stakes in, such as Borders Group Inc. and Target Corp.