In June, J.C. Penney to shut 2 state stores
J.C. Penney will close its stores in Blytheville and Benton, the company said Friday. Thirty-five positions will be affected at the two stores, though the company could not confirm how many will be terminated or relocated.
The Plano, Texas, retailer has struggled financially in recent years and had warned in February that in order to "optimize its national retail operations" and return to profitability, it would close two distribution facilities and over 100 stores. On Friday it confirmed that 138 store closures will occur, affecting about 5,000 positions around the country.
"Of course that's not happy news for us," said Liz Smith, executive director of the Greater Blytheville Area Chamber of Commerce.
Daphne Avila, a company spokesman, confirmed that both Arkansas locations will close June 18 and begin liquidation in mid-April.
Chairman and Chief Executive Officer Marvin Ellison said in the release that the closings will "allow us to adjust our business to effectively compete against the growing threat of online retailers."
-- Emma N. Hurt
Jobless rate is 2.8% in state's NW corner
Northwest Arkansas' unemployment rate was 2.8 percent in January, down from 3.3 percent in January 2016, the U.S. Bureau of Labor Statistics said Friday.
It was tied for the fifth-lowest unemployment rate among 388 metropolitan areas in the country.
Ames, Iowa, had the lowest rate at 2.3 percent.
Other January unemployment rates in Arkansas compared with January last year were Little Rock, 3.6 percent, down from 4 percent; Jonesboro, 3.6 percent, down from 4.2 percent; Hot Springs, 4.5 percent, down from 5 percent; Fort Smith, 4.6 percent, down from 5.1 percent; Texarkana, 5.1 percent, up from 4.7 percent; and Pine Bluff, 5.6 percent, down from 6.4 percent.
-- David Smith
7 state stocks gain; index inches up 0.48
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 0.48 to 348.64 Friday.
Eleven stocks fell and seven advanced.
Bear State Financial lost 2.1 percent on four times its average volume.
Deltic Timber rose 2.4 percent on triple its normal volume.
For the week, 10 stocks declined, seven advanced and one was unchanged.
Total volume for the index was 39.3 million shares. The average daily volume for the week was 26.2 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 03/18/2017