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Why Is JCPenney Closing More Stores? JCPenney filed for bankruptcy back in 2020. Since then, about 240 of its stores have closed. Right now, there’s about 650 locations left in the U.S.
Chains are on track to close the highest number of stores in 2024 than any year since 2020, when the Covid-19 pandemic decimated the industry. ... JCPenney, Pier 1 and others that filed for ...
On February 27, 2024, Macy's announced that it would be shuttering 150 locations by 2026, roughly 30% of its total store amount, to focus on small-format stores and an expansion of both Bloomingdale's and Bluemercury. 50 locations were initially set to close in 2024 alone, and the iconic flagship location in San Francisco's Union Square was ...
On May 10, 2024, a listing by local retail broker H&R Retail confirmed that the mall's JCPenney department store would close in 2025 and be replaced by five new tenants, including Hobby Lobby, Grocery Outlet and Onelife Fitness, leaving Macy's as the last traditional department store.
The store closed that August, which left JCPenney as the only anchor left. [13] On February 9, 2024, it was announced that JCPenney would close in late spring. The store closed on May 25, leaving the mall with no remaining anchors and cementing its status as a dead mall. [14] [15]
U.S. retailers have announced more than 7,100 store closures through the end of November 2024, a 69% jump from the same time last year, according to recent data from research firm CoreSight.
JCPenney still occupied the site in August, prompting Butterfli Holdings to announce its intent to sue JCPenney for refusal to vacate the property. In January 2024, JCPenney announced it would close at the Shenango Valley Mall in May. [52] [53] JCPenney closed on May 5, 2024. [54]
JCPenney, Joann, Macy's and Kohl's are among several department stores closing stores in 2025. ... after initially filing and then going private in March 2024. ... 2025 store closings: Joann ...