JCPenney announced it plans on closing 154 locations nationwide this summer, with additional closures expected to be announced in the coming weeks.
The company has been hemorrhaging locations in recent years as shifts in consumer habits have led customers away from legacy retailers such as JCPenney. Stores closing due to the COVID-19 have hastened the demise for companies like JCPenney.
The affected stores will begin store closing sales on June 12. It will take 10 to 16 weeks to close the 154 stores.
The loss of 154 locations will reduce the company’s footprint down from 850 stores nationwide. The 154 locations are spread over 38 states.
“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 greater financial flexibility to allow us to continue serving our loyal customers for decades to come,” said Jill Soltau, chief executive officer of JCPenney. “I am incredibly grateful to our talented associates for their ongoing dedication and their passion for meeting and exceeding our customers’ expectations during this difficult and uncertain time. All impacted associates will be treated with the utmost consideration and respect.”
To see the impacted locations, click
here.
