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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.
A "handful" of JCPenney locations are soon to be closing, a company spokesperson said, adding to the retailer's long list of shuttered stores since it filed for bankruptcy in 2020.. The ...
JCPenney will close eight locations this year, a company spokesperson said, adding to the list of more than 200 closures since the company filed for bankruptcy five years ago.. JCPenney announced ...
Unlike those other aforementioned businesses, retail was in an apocalypse before the pandemic.
In 2017 alone, more than 12,000 physical stores closed. The reasons included debt and bankruptcy in the face of rising costs, leveraged buyouts, low quarterly profits outside holiday binge spending, delayed effects of the Great Recession, [3] and changes in spending habits.
The chain filed for its second bankruptcy and liquidation on August 7, 2019, [13] closing the remaining 54 stores [14] with plans to auction its intellectual property. [15] ALDO filed for bankruptcy on May 7, 2020, citing repercussions related to the COVID-19 pandemic as to why. [16] The shoe chain emerged from bankruptcy two years later. [17]
The 118-year-old department store JCPenney is the latest to file for bankruptcy protection amid the coronavirus pandemic. The Texas based retailer has accrued nearly $4 billion in debt and will ...
Exterior of the JCPenney store at the Stonebriar Centre in Frisco, Texas (2013) JCPenney headquarters in Plano, Texas (2014) In 2010, Vornado Realty Trust acquired a 9.9% stake in JCPenney but sold it in 2013 for $13.00 per share. [37] On January 24, 2011, JCPenney shut down its catalog business and 19 outlet stores. [38]