The retailer, which has just emerged from bankruptcy earlier this month, has confirmed that it will close 15 stores before March 2021.
Now under the ownership of Simon Property Group and Asset Management Inc, J.C. Penney will close more stores in early 2021 after already closing around 150 stores since filing for bankruptcy. The department store chain was one of the first retailers to file for bankruptcy at the onset of the Coronavirus, initially commenting that they would be closring around 29 per cent of their 846 stores or 242 locations.
“As part of our store optimisation strategy that began in June with our financial restructuring, we have made the decision to close an additional 15 stores. These stores will begin liquidation sales later this month and will close to the public in mid to late March,” the company said in a statement.
They continue: “While store closure decisions are never easy, our store optimisation strategy is intended to better position J.C. Penney to drive sustainable, profitable growth and included plans to close up to 200 stores in phases throughout 2020.”
