LAKEWOOD – JCPenny says they are closing 154 stores nationwide, but not the Chautauqua Mall location.
The company, one of the most high-profile retailers to file for bankruptcy protection after being hit hard by the Coronavirus, said it expects store closing sales to last around three months, and it will announce additional closures in the coming weeks.
JCPenney filed for Chapter 11 bankruptcy on May 15. The pandemic’s hit on sales was the final blow to a 118-year-old company struggling to overcome a mountain of debt.
When the pandemic hit, JCPenney, like many other businesses, was forced to temporarily close stores. The company said that as of Thursday it had reopened nearly 500 stores as coronavirus restrictions began to ease in some 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, in a statement.
The company posted the full list of stores slated to close on their website Thursday.