JC Penny To Close 154 Stores Following Bankruptcy

J.C. Penney announced Thursday the list of the 154 stores that it plans to close over the summer. 

The Bankrupted clothing store said it will announce more closures in the coming weeks. 

Penney said it expects the store closing sales to last anywhere from 10 to 16 weeks. 

“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,” Chief Executive Jill Soltau explained in a statement. 

Penney, like the many retailers deemed nonessential, was forced to close its stores temporarily due to the Covid-19 pandemic, pushing it over the edge as its sales took an enormous hit and its debt swelled. 

The store filed for Chapter 11 bankruptcy protection on May 15, and is now hoping to emerge as a smaller department store chain. 

The Texas-headquartered company said that as of June 4, it has reopened nearly 500 locations. When it filed for bankruptcy, it had roughly 860 stores. It also employed roughly 90,000 full- and part-time workers as of February. It’s not clear how many workers would be impacted by the coming closures. 

Store closing sales will begin on June 12th.

To see if your store has made the list of stores expected to shut down operations, Click Here.

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