- JC Penney released the list of stores that will close
- The chain filed for bankruptcy in days gone by
- In total 242 stores will close forever
JC Penney revealed its preliminary list of stores that will close permanently on Thursday as the company tries to stabilize its finances under the protection of Chapter 11 bankruptcy.
The department store chain, which is the largest company to file for bankruptcy protection so far during the coronavirus pandemic, had already said it would close 242 locations forever, leaving around 600 stores open.
But JC Penney had not yet revealed which stores were ready for liquidation, USA Today reported.
In a bankruptcy court filed Thursday, the company listed the first 154 stores to close.
Bankruptcy judge David Jones is expected to hold a hearing on June 11 to consider the proposal.
Assuming the list is approved, clearance sales could start immediately.
JC Penney’s clearance sales are expected to last ten to 16 weeks.
“While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensure that we emerge from both Chapter 11 and the COVID-19 pandemic as a stronger retailer with greater financial flexibility, to enable us to continue serving to our loyal customers for decades to come, “JC Penney CEO Jill Soltau said in a statement.
The closings include nine stores in California, nine in Ohio, eight in Indiana, eight in Florida, seven in Georgia, seven in New York, seven in Texas, six in Kentucky, six in Oklahoma, six in South Carolina and six in Tennessee. .
The announcement comes as JC Penney is gradually reopening stores that have been temporarily closed due to the coronavirus pandemic.
The company said nearly 500 stores had reopened as of Thursday.
JC Penney, whose finances have suffered since before the coronavirus pandemic, announced in recent days that he is filing for Chapter 11 bankruptcy protection. The retail chain announced at the time that it would close some stores.
“The coronavirus pandemic (COVID-19) has created unprecedented challenges for our families, our loved ones, our communities and our country,” the company’s chief executive said in a statement. “As a result, the American retail industry lives a profoundly different new reality, which makes JC Penney make tough decisions for our business and protect the safety of our employees, customers, and our company’s future.”
JC Penney’s sales have fallen year after year since 2016, according to CNBC.
The company operates 850 stores and has about 90,000 workers. It was said to have received $ 900 million in financing to help it operate during its restructuring.
JC Penney joins Neiman Marcus, J. Crew and Sage Stores in filing for bankruptcy amid the economic crisis caused by the pandemic.
Click on the next page to see the full list of JC Penney stores that will close in the coming weeks.
Filed Under: JC Penney Store List
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