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On February 28, JCPenney announced its intent to close 27 stores in 2019, including 18 full-line department stores and nine home-and-furniture stores. The closure announcement was paired with news that the retailer had suffered a 4% decline in same-store sales during the 2018 holiday quarter. [67]
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Party City closed 45 of its 870 stores in 2019, up from its usual 10 to 15 closures each year. [230] On January 18, 2023, Party City filed for Chapter 11 bankruptcy, [231] and a month afterward, announced the closure of 22 stores. An additional 9 stores were added to the closing list in April as well as 4 more locations in May. [232]
More store closings have been announced for JCPenney, including a Mississippi and Texas store. The department store chain has closed 174 stores. JCPenney closing more stores after bankruptcy.
Research published by global retail analyst IHL Group in 2019 suggests that the so-called retail apocalypse narrative was an exaggeration, with "more chains that are expanding their number of stores than closing stores.” [7] That year, retailers in the United States announced 9,302 store closings, a 59% jump from 2018, and the highest number ...
The retailer announced the locations that will shutter in the next couple months as a result of slowing traffic and sales.
In January 2015, it was announced the JCPenney store was closing in April as part of a plan to close 39 stores nationwide. As a result, the mall announced plans to demolish the former JCPenney and replace it with new retail space and a movie theater. [16] The interior of the mall closed on July 1, 2015, with Sears and Boscov's remaining open. [6]
Filing for bankruptcy doesn’t always mean the kiss of death — Chapter 11 bankruptcy is a reorganization of debts designed to keep businesses alive, while Chapter 7 bankruptcy means a company ...