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, 149 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. It 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 more than 20% of its stores and cut more than 40% of its staff, yet it still remains bigger than Macy's, Dillard's, and Nordstrom.
CEO Jill Soltau claims the retailer was on the up-and-up earlier this year: "Until this pandemic struck, we had made significant progress rebuilding our company had already begun to pay off. Implementing this financial restructuring plan through a court-supervised process is the best path to ensure that JCPenney will build on its over 100-year history to serve our customers for decades to come," she wrote in a company statement.
While Soltou reiterates that the recent bankruptcy filing doesn't mean that they're going away for good, she made it clear that hundreds of their stores are closing as a result. In fact, 192 JCPenney locations are expected to close in 2020, and an additional 50 next year. That means, 29% of the retailer's 846 stores (242 stores) will close by the end of 2021. The remaining 604 stores "represent the highest sales-generating, most profitable, and most productive stores in the network," JCPenney said in the SEC filing.
In the SEC filing, they confirmed that "stores will close in phases throughout the Chapter 11 process – and the first phase of closures, including specific store details and timing, will be disclosed in the coming weeks." They will start by closing 149 stores across 38 states this summer.
Stores are expected to hold closing sales for 10 to 16 weeks before shutting their doors for good. Liquidation sales started at a majority of the closing stores on June 17, and the others are expected to start on July 3. "All merchandise is on sale, including deeper discounts of 40% on all fine jewelry and window treatments," a recent press release stated. "New seasonal essentials, such as swimwear and sunglasses, are also discounted at 25-30% off." All sales will be final starting June 25.
JCPenney store closures:
Andalusia: Covington Mall, River Falls Street
Florence: Regency Square, Cox Creek Parkway
Scottsboro: Jackson Square, South Broad
Cottonwood: Little Creek Center, Highway 260
Tucson: El Con Shopping Center, E. Broadway
Batesville: Independence Center, South St. Louis St.
Conway: Conway Towne Center, Skyline Dr.
El Dorado: Mellor Park Mall, N. West Ave.
Harrison: The Fashion Center, U.S. Highway 62-65 N.
Concord: Sun Valley Mall, 484 Sun Valley Mall
Delano: Main St.
Los Banos: San Luis Plaza, Pacheco Blvd.
Paso Robles: Woodland Plaza, Niblick Rd.
San Bernardino: Inland Center, Inland Center Drive
Tracy: West Valley Mall, Naglee Road
Yreka: Yreka Junction Mall, Fort Jones Rd.
Durango: Durango Mall, S. Camino Del Rio
Fort Collins: Bockman Dr.
Torrington: Torrington Commons, High St.
Bradenton: Desoto Square Mall, Boulevard W
Cape Coral: Coralwood Shopping Center Del Prado Blvd.
Jacksonville: Regency Square Mall, Arlington Expy
Lake Wales: Eagle Ridge Mall, Eagle Ridge Dr.
Mary Esther: Santa Rosa Shopping Center, Mary Esther Blvd.
Orlando: Orlando Fashion Square, E. Colonial Dr.
Sebring: Lakeshore Mall, U.S. 27 N.
Athens: Georgia Square, Atlanta Highway
Atlanta: Northlake Mall, Briarcliff Rd. NE
Douglasville: Arbor Place Mall, Douglas Blvd.
Gainesville: Lakeshore Mall, Pearl Nix Pkwy.
Rome: Mount Berry Mall, Mount Berry Sq. NE
Statesboro: Statesboro Mall, Northside Dr.
Waycross: Hatcher Point Mall, Memorial Drive
Lewiston: Lewiston Shopping Center, 19th Avenue
Ponderay: Bonner Mall, Bonner Mall Way
Bourbonnais: Northfield Square, N. State RT 50
Carbondale: University Mall, E. Main
Freeport: Freeport Mall, S. West Ave.
Mt. Vernon: Times Square Mall
Bedford: Bedford Town Fair, James Ave.
Indianapolis: NW Pavilion, Michigan Rd.
Kokomo: Kokomo Mall, E. Blvd.
Madison: River Point Mall, E. Clifty Dr.
Muncie: Muncie Mall, Granville Ave.
Plymouth: Pilgrim Place Mall, Pilgrim Ln.
Richmond: Richmond Square, National Rd. E
Vincennes: Vincennes Plaza, Niblack Blvd.
Carroll: N. Adams St.
Marshalltown: Marshalltown Mall, S. Center St.
Emporia: Flint Hills Village, Industrial Rd.
Liberal: Liberal Plaza, N. Kansas Ave.
Salina: Central Mall, S. 9th St.
Campbellsville: Green River Plaza, Campbellsville Bypass
Danville: Danville Manor Shopping Center, Houstonville Rd.
Hopkinsville: Bradford Square, Ft. Campbell Blvd.
Maysville: Market Square, U.S. 68 S. and AA Hwy.
Middlesboro: Middlesboro Mall, N. 12th St.
Owensboro: Town Square Mall, Frederica St.
Lafayette: Acadiana Mall, Johnston St.
Hyattsville: Mall at Prince Georges, 3500 East West Highway
Lanham: Woodmore Towne Center, McHugh Dr.
La Vale: Country Club Mall, Vocke Rd.
Alma: Northtown Village, 1680 Wright Ave.
Alpena: Alpena Mall, U.S. 23 S
Bay City: Bay City Town Center, 4129 E Wilder Road
Big Rapids: 125 S Michigan Ave.
Cadillac: Cadillac Shopping Center, N. Mitchell St.
Greenville: Greenville West Mall, 300 Greenville West Drive
Mount Pleasant: Mount Pleasant Shopping Center, 2231 S Mission Road
Okemos: Meridian Mall, 1982 W Grand River Ave.
Owosso: 201 S Washington St.
Petoskey: E. Mitchell St.
Maple Grove: Grove Square Shopping Center, Grove Dr.
Willmar: Kandi Mall, S. First St.
Laurel: Sawmill Square Mall, Sawmill Rd.
Starkville: Starkville Crossing, Hwy. 12 W.
Independence: Bolger Square, E 39th St.
Kirksville: Kirksville Shopping Center, S. Baltimore St.
Bozeman: Gallatin Valley Mall, W. Main St.
Grand Island: Conestoga Mall, W. 13th St.
Keene: West Street Shopping Center, West St.
North Conway: Mountain Valley Mall, State Highway 16 & RT 302
Rochester: Lilac Mall (RT 125)
West Lebanon: Upper Valley Plaza, Plainfield Rd.
Alamogordo: White Sands Mall, N. White Sands
Auburn: Finger Lakes Mall, Clark St. Rd.
Batavia: Batavia City Center, Batavia City Ctr.
Bay Shore: South Shore Mall, 1701 Sunrise Highway
Canandaigua: Roseland Shopping Center, State RT 364
New Hartford: Sangertown Square Mall, Sangertown Sq.
Poughkeepsie: Poughkeepsie Galleria, 2001 South Road
Rome: Freedom Mall, Erie Blvd. W.
Syracuse: Destiny USA, Destiny USA Dr.
Valley Stream: 1051 Green Acres Mall
Henderson: Henderson Square, N. Cooper Dr.
Lumberton: Biggs Park Shopping Center, N. Elm St.
New Bern: Twin Rivers Mall, MLK Jr. Blvd.
Raleigh: North Hills Shopping Center, Six Forks Rd.
Rockingham: Richmond Plaza, E. Broad Ave.
Akron: Chapel Hill Mall, Brittain Rd.
Akron: Tri County Plaza, Canton Rd.
Alliance: 2500 W State St, Ste 118
Ashtabula: Ashtabula Mall, N. Ridge Rd. E.
Cincinnati: Governors Plaza, Fields Ertel Rd.
Defiance: Northtowne Mall, N. Clinton St.
East Liverpool: Summit Square Shopping Center, Dresden Ave.
Parma: The Shoppes at Parma, Day Dr.
Piqua: Miami Valley Mall, E. Ash St.
Enid: Oakwood Mall, W. Owen K. Garriott Rd.
McAlester: Tandy Town Shopping Center, E. Carl Albert Pkwy
Muskogee: Arrowhead Mall, N. Main St.
Shawnee: Shawnee Mall, N. Kickapoo Ave.
Tulsa: Tulsa Promenade, S. Yale Ave.
Bend: Cascade Village, N. Hwy 97
McMinnville: McMinnville Plaza, NE Hwy 99 W
Roseburg: Garden Valley Mall, NW Garden Valley Blvd.
Salem: Salem Center, Liberty St. NE
Butler: Clearview Mall, Clearview Circle
Hanover: North Hanover Mall, Carlisle St.
Monaca: Beaver Valley Mall
Monroeville: Monroeville Mall
Tarentum: Galleria, Pittsburgh Mill Circle
Beaufort: Cross Creek Mall, Robert Smalls Parkway
Florence: Magnolia Mall, David H. McLeod Blvd.
Myrtle Beach: Myrtle Beach Mall, N. Kings Hwy.
Orangeburg: Prince of Orange Mall, Chestnut St.
Rock Hill: Rock Hill Galleria, Dave Lyle Blvd.
Brookings: University Mall, 22nd Ave. S.
Cleveland: Bradley Square, Paul Huff Pkwy.
Columbia: Columbia Mall, S. James Campbell Blvd.
Dyersburg: Dyersburg Mall, Lake Rd.
Kingsport: Kingsport Town Center, Ft. Henry Dr.
Maryville: Foothills Mall
McMinnville: Three Star Mall, Sparta St.
Greenville: Crossroads Mall, Wesley St.
Huntsville: West Hills Mall, Financial Plaza
Lewisville: Music City Mall, S. Stemmons FWY
Lufkin: Lufkin Shopping Center, S. Medford Dr.
Palestine: Palestine Mall, S. Loop 256
Paris: Mirabeau Square, Lamar Ave. Highway 82
Layton: Layton Hills Mall, N. Hill Field Rd.
Logan: Cache Valley Mall, N. Main St.
Bennington: Bennington Square, 99 Bennington Sq.
Berlin: Berlin Mall, Berlin Mall Rd.
Danville: Danville Mall, Piedmont Dr.
Staunton: Colonial Mall, Lee Jackson HWY
Omak: Omache Shopping Center, 715 Omache Drive
Sunnyside: Mid-Valley Mall, 2010 Yakima Valley Highway
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