JCPenney

JCPenney Is Permanently Closing 154 Stores

Near the end of May, JCPenney filed for Chapter 11 bankruptcy, announcing that it would permanently close about 30 percent of its stores. On Thursday, the apparel and home retailer said it would be begin closing 154 locations as part of its first phase.

Stores in 38 states across the country will be shuttering its doors for good. The store closures include eight in California, nine in Florida, seven in Georgia, nine in Indiana, seven in New York, nine in Ohio, and seven in Texas. In the coming weeks, there will be phases of store closing sales, which JCPenney expects will take 10 to 16 weeks to complete.

News of the store closures comes as JCPenney gradually reopens stores temporarily closed due to the coronavirus pandemic. So far, it’s reopened nearly 500 locations, implementing added safety measures based on CDC guidelines and state as well as local mandates. Some

Read More

Is JCPenney Going Out of Business

out of business

Robert BarnesGetty Images

  • JCPenney filed for bankruptcy on Friday, May 15.
  • In the midst of the coronavirus outbreak, JCPenney announced that it would close nearly 30% of its stores.
  • This summer, 154 stores will close.

    JCPenney recently celebrated its 118th birthday, but its latest financial news has shoppers wondering how much longer the struggling department store chain will keep its doors open. In wake of the coronavirus crisis, J.C.Penney Company, Inc filed for Chapter 11 bankruptcy, joining retailers like J. Crew and Neiman Marcus.

    This doesn’t come as a surprise, though. JCPenney was struggling long before the pandemic due to a rise in online shopping and the threat of big-box retailers like Walmart and Target. They even closed six stores earlier this year and posted a 5.5% decline in sales for the first three months of 2019. Since the start of 2011, the retailer has closed

    Read More