Business & Tech
JCPenney Closes At Lakeforest Mall: Report
JCPenney at Gaithersburg's Lakeforest Mall is closing for good, according to a new report.
GAITHERSBURG, MD — JCPenney has shuttered at the struggling Lakeforest Mall in Gaithersburg, according to the Washington Business Journal. The store closing will affect 113 employees.
The major retailer filed a Work Adjustment and Retraining Notification (WARN) notice with the state of Maryland on Monday, July 15. The employees will be offered severance packages and transfer opportunities where possible, WBJ reports.
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A JCPenney spokesperson did not go into specifics about the store closing, but did touch on a few of the contributing factors in an email to the news outlet.
"This decision is the result of an ongoing review of our store portfolio, which includes assessing locations that may not meet our required financial targets or represent an opportunity to capitalize on a beneficial real estate asset," the spokesperson said.
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JCPenney's announcement comes a month after fashion retailer Lord & Tailor announced it was leaving Lakeforest Mall.
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