JCPenney at Willow Grove Park to close, mall owner PREIT says

The J.C. Penney store at Willow Grove Park in Abington Township will be among the 130 to 140 locations nationwide the department-store chain plans to close, according to the mall's owner, Pennsylvania Real Estate Investment Trust.

PREIT chief executive Joseph Coradino said in a call with analysts Friday that no other Penneys stores at his company's malls have been slated for closure.

In a statement early Friday, J.C. Penney Co. said that the store closures, which will effect 6,000 workers, were aimed at "redirecting capital resources to invest in locations and initiatives that offer the greatest revenue potential."

There are 16 Penneys locations in malls across Philadelphia-based PREIT's portfolio, including stores at its Cherry Hill Mall and its Lehigh Valley Mall joint venture with Simon Property Group.

Coradino said his company has already initiated talks with potential tenants to replace the Penneys store at Willow Grove.

PREIT also is working to replace stores being closed by Macy's Inc. at its malls in Plymouth Meeting, Moorestown and Altoona.

J.C. Penney did not immediately respond to a call for comment.