in

JC Penney announces 154 stores set to close this summer time. Here’s a map.


Bankrupted J.C. Penney introduced Thursday the listing of the 154 stores it plans to close this summer time, with retailer closing gross sales kicking off June 12. 

It stated it’s going to announce extra closures within the coming weeks. 

Here’s the entire listing of the 154 places set to close, throughout greater than two dozen states. (Also see a full listing of addresses under.) 

Penney stated it expects the shop closing gross sales to final wherever from 10 to 16 weeks. 

“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 stated in a assertion. 

Penney, like the numerous retailers deemed nonessential, was compelled to quickly close its stores due to the coronavirus pandemic, pushing it over the brink as its gross sales took an unlimited hit and its debt swelled. 

It filed for Chapter 11 chapter safety on May 15, and is now hoping to emerge as a smaller division retailer chain. 

The Texas-headquartered firm stated that as of June 4, it has reopened almost 500 places. When it filed for chapter, it had roughly 860 stores. It additionally employed roughly 90,000 full- and part-time employees as of February. It wasn’t instantly clear what number of employees could be impacted by the looming closures. 

—CNBC’s John Schoen accomplished this knowledge visualization. 



Source hyperlink

What do you think?

Written by Business Boy

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

U.S. coronavirus cases have been slowly ticking up since Memorial Day

Jim Cramer: The pandemic led to ‘one of the greatest wealth transfers in historical past’