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JC’S 5 STAR TO CLOSE: J.C. Penney Co. Inc.’s former outlet division will shutter its doors before yearend. The outlet store business, which Penney’s had slated for closure, was acquired in October 2011 by SB Acquisition. SB Acquisition is connected with SB Capital Group, which is affiliated with the Schottenstein organization. SB Capital is chaired by Jay L. Schottenstein. Following the acquisition, the business was renamed JC’s 5 Start Outlet.
The company said Tuesday it has will begin winding down operations and close all 15 outlet stores in 14 states. Going out of business sales have already started at the stores.
Glen Gammons, who headed the JCPenney Outlet Store Division, became chief executive officer of JC’s 5 Star operation.
“The closing of the Outlets was necessitated by the precipitous decline of sales,” Gammons said. “After exploring all the alternatives, we could no longer incur the losses resulting from the continued operation of the Outlet stores.”