Bankrupt, JC Penney Closing Tracy, Turlock And 152 Stores
JC Penney has announced the company will be closing 152 stores nationwide as a response to filing for bankruptcy because of COVID-19.
By NathanG on June 5, 2020
JC Penney, as a part of its bankruptcy plan, is permanently closing 154 stores across 20 states this summer.
According to Good Day Sacramento, JC Penney will be one of the most high-profile retailers to file for bankruptcy protection after being hit hard by the coronavirus. The company said it expects store closing sales to last around three months, and it will announce additional closures in the coming weeks. JC Penney reportedly filed for Chapter 11 bankruptcy on May 15, as a result of the pandemic’s hit on sales acting as the final blow to a 118-year-old company struggling with debt.
“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 JC Penney, in a statement.
To read more and learn about which stores are closing, click here.