Business & Industry

JC Penney reports 154 stores set to close this mid-year

Bankrupted J.C. Penney reported Thursday the list of the 154 stores it intends to close this mid-year, with store bringing sales to a close commencing June 12.

It said it will report extra closures in the coming weeks.

Penney said it expects the store to bring sales to a close to last somewhere in the range of 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 the greater financial flexibility to allow us to continue serving our loyal customers for decades to come,” Chief Executive Jill Soltau said in a statement.

Penney, similar to the numerous retailers considered insignificant, had to briefly shut down its stores due to the coronavirus pandemic, pushing it over the verge as its sales endured a huge shot and its obligation expand.

It petitioned for Chapter 11 bankruptcy security on May 15 and is currently wanting to rise as a smaller department store chain.

The Texas-headquartered organization said that as of June 4, it has reopened almost 500 locations. At the point when it sought bankruptcy, it had around 860 stores. It additionally employed approximately 90,000 full-and part-time laborers as of February. It wasn’t promptly clear what number of laborers would be affected by the looming closures.

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