In yet another blow to Cortana Mall, J.C. Penney Co. confirmed this morning that it plans to close its anchor store in the aging retail center at Airline Highway and Florida Boulevard.
The national retailer, which announced plans in February to shutter upwards of 140 stores and offer buyouts to thousands of employees, released the complete list of closures this morning. The JCPenney location at the Mall of Louisiana will remain open, and only two other locations in Louisiana will be closed, one in DeRidder and another in Slidell.
All told, the company will close 138 stores nationwide and one supply chain facility in Lakeland, Florida, as part of a continuing effort to advance growth and long-term profitability.
Approximately 5,000 JCPenney employees will be impacted by the U.S. store closures, the company says in a news release. Most stores will begin the liquidation process by April 17.
News of the Cortana Mall closure probably won’t come as a surprise to many in the local commercial real estate industry. In January, JCPenney CEO Marvin Ellison said the retailer planned to close some of its stores in smaller markets and possibly in malls that do not fit the store’s brand.
Cortana Mall has suffered setback after setback in recent months, losing long-term anchor Macy’s last year and Sears this year. Dillard’s is now the last remaining retail anchor at Cortana, which has also seen Lenscrafters, The Limited and Foot Locker exit in recent months.
Las Vegas-based Moonbeam Capital Investments, which acquired the 40-year-old mall four years ago for $6 million, has repeatedly said it plans to seek out more non-retail tenants such as Virginia College to fill the 1.4-million-square-foot mall.Â
