JCPenney Closing 13 More Stores; Puts Some Closings on Hold

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JCPenney Closing 13 More Stores; Puts Some Closings on Hold

By Lisa Johnston - 06/24/2020

JCPenney announced it will close an additional 13 stores this week, adding to the 136 closures announced earlier this month.

Liquidation sales for these locations are expected to begin on July 3. Meanwhile, a handful of previously announced store closing locations have been put on hold pending further review; a company spokesperson declined to identify which ones. 

The struggling retailer filed for Chapter 11 bankruptcy protection in May as its multi-year turnaround efforts were no match for the widespread store closures enacted to help slow the spread of COVID-19. It intends to use the financial flexibly from its reorganization strategy and reduced store fleet to substantially grow its e-commerce business.

“As the company remains focused on its Plan for Renewal transformation strategy and driving sustainable, profitable growth, it intends to reduce its store footprint and focus resources on its strongest stores and powerful e-commerce flagship store, JCP.com,” the company said in a statement.

The retailer continues to open its temporarily shuttered stores, monitoring CDC, state and local guidelines. Nearly all of its 850 remaining stores are now open.

Under its Chapter 11 strategy, JCPenney intends to drive $2.3 billion in sales by fiscal year 2024.

The apparel brand and retailer entered into a stalking horse asset purchase agreement with SPARC Group, operator of Aéropostale and Nautica.

AMMEX was able to scale its e-commerce operations by a whopping 800% during a surge of demand prompted by COVID-19.

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