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The retailer said it plans to close additional stores through bankruptcy. Based in Plano, Texas, the retailer was founded more than a century ago as one of the country’s first department stores.
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 ...
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That year, the company adopted the JCPenney style in advertising. [14] and its revenues reached $5 billion (equivalent to $37.6 billion in 2024) for the first time and catalog business made a profit for the first time. [15] JCPenney reached its peak number of stores in 1973, with 2,053 stores, 300 of which were full-line establishments. [15]
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.
The chain filed for its second bankruptcy and liquidation on August 7, 2019, [12] closing the remaining 54 stores [13] with plans to auction its intellectual property. [14] ALDO filed for bankruptcy on May 7, 2020, citing repercussions related to the COVID-19 pandemic as to why. [15] The shoe chain emerged from bankruptcy two years later. [16]
In 1996, JCPenney purchased Eckerd, another pharmacy chain. The U.S. Federal Trade Commission (FTC) objected to the purchase on antitrust grounds, stating that ownership of Eckerd would give JCPenney a dominant position in the drug store business in the states of North Carolina and South Carolina through its ownership of Thrift Drug, Rite Aids ...
J.C. Penney finally declares bankruptcy. Here's what we know. For premium support please call: 800-290-4726 more ways to reach us