Written by The Business Journal Staff
Central Valley J.C. Penney locations managed to avoid inclusion on a list of some of the stores most in danger of closing.
Morningstar Credit Ratings, a global provider of independent investment research, monitors the commercial mortgage-backed securities market for mortgages on commercial properties. In a report it released today titled “More Clicks, Less Bricks…,” it identified 39 J.C. Penney locations across the U.S. with below-average tenant sales that are most at risk of closing.
The list includes two California locations in malls with loans most at risk of foreclosure in Redding and Westminster.
At the end of February the retailer announced it would be closing 130 to 140 stores and two distribution centers over the next several months to improve profitability. A full list is expected to be released this month.
According to the Morningstar report, J.C. Penney’s average sales in 2015 was $120 per square foot — the list includes stores with less than that national average.
The four-county Central Valley region includes J.C. Penney locations at Fashion Fair Mall and River Park in Fresno, Selma, Hanford and Visalia.