J. C. PENNEY RELEASES LIST OF 154 STORES SET TO CLOSE THIS SUMMER
JCPenney said late on Thursday that it has identified the first 154 stores that will close permanently as part of its Chapter 11 bankruptcy filing. Store closing sales will begin following a hearing on June 11th at the U.S. Bankruptcy Court for the Southern District of Texas in Corpus Christi.
The company said that it expects additional phases of store closing sales will begin in the coming weeks. The retailer also reiterated on Thursday that it intends to reduce its store footprint and focus resources on its strongest stores and e-commerce site. Store closing sales for the first round of closures are expected to take 10-16 weeks to complete.
“While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensuring we emerge from both Chapter 11 and the COVID-19 pandemic as a stronger retailer with greater financial flexibility to allow us to continue serving our loyal customers for decades to come,” said Jill Soltau, chief executive officer of JCPenney. “I am incredibly grateful to our talented associates for their ongoing dedication and their passion for meeting and exceeding our customers’ expectations during this difficult and uncertain time. All impacted associates will be treated with the utmost consideration and respect.”
Soltau also noted that as of June 4th, the retailer had opened nearly 500 stores since government officials have eased COVID-19 restrictions.
The list of 154 stores that will begin closing sales can be found here.