J.C. Penney BANKRUPTCY!? 200 Stores Closing
If you love JCPenney.com online and in store coupons and deals like we do, then you’ll be sad to hear this! Update: We now have the whole list of the stores impacted by the restructuring.
Update: J.C. Penney says it plans to close nearly 29% of stores – or 242 locations – as part of its bankruptcy
“Unfortunately, the challenging retail environment has been significantly compounded by the profound impact of COVID-19, hindering our ability to secure such a buyer and requiring us to wind down,” Riesbeck said.
Because, Fast Company, a leading business news source, has announced information about JCP’s plan to file for bankruptcy as early as next week. And, JcPenney’s plans to close nearly 200 stores.
Dione Martin, JCPenney corporate communications director, stated by email: “It is still early in the process, and we don’t have a list of JCPenney stores closing to share of the stores impacted by the (Chapter 11) restructuring. We will continue to keep our valued customers and associates informed as information becomes available.” -The OakRidger
We’ll keep you updated, because this is a developing story. Our thoughts and prayers are with the employees who could be affected by stores closing as well as the people who rely on these stores for shopping.
With the COVID-19 Coronavirus pandemic quarantine, retail stores have closed their doors temporarily. Because of this, many stores are struggling to stay in business. And, some will not make it. Therefore, we expect to see many more stores shutter their brick & mortar stores in the future.
While JCPenney has announced that they will open some stores for curbside pickup, not all areas will allow this yet. As a result, Pennys is facing the same uncertainty that so many others are up against.
JCPenney Closing Stores Nationwide
J.C. Penney plans to close 200 of its roughly 850 stores across the country, sources told Reuters. And while the company has not made a decision on restructuring, the report said it’s discussing an option to split into two separate entities—one that would own real estate and serve as a landlord to the other, which would operate retail.
Sources told Reuters that the company missed a $17 million debt payment yesterday. And,has been given five days until default. The company is also exploring deals that would prevent bankruptcy, they said.
This JCPenney news comes a day after Neiman Marcus, another department store giant, declared Chapter 11 bankruptcy amid the coronavirus pandemic. And earlier today, CNBC reported that Stage Stores, a group of department store brands concentrated in rural and midsize markets, would likely file in the following weeks.
About JC Penney
JCPenney is a company built upon the Golden Rule: treating others the way we’d like to be treated. And, we’ve operated in this spirit since our founding in Kemmerer, Wyoming, over 110 years ago. Today, we offer a broad assortment of products from a leading portfolio of private, exclusive and national brands.
List of JCPenney Stores Closing
Source: Fast Company, Reuters