J.C. Penney said late Thursday it will be closing 154 stores in the near future.
J.C. Penney Co. said late Thursday it will be closing 154 stores in the near future as part of its “store optimization strategy” after filing for bankruptcy protection last month.
The closings will begin after a June 11 bankruptcy hearing in Texas, the company said. It makes sense to reduce its footprint and focus resources on its strongest stores and “powerful” e-commerce flagship store, jcp.com, the Plano, Texas–based retailer said. Store-closing sales for the first round of closures are expected to take 10 to 16 weeks to complete, the 118-year-old Penney JCP, +15.44% JCPNQ, +54.76% said.
“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,” Chief Executive Jill Soltau said, according to a company statement.
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