JCPenney Announces Closing Many Stores Nationwide
ABC News has reported that after the department store chain had filed for bankruptcy, JCPenney is closing 154 stores across the country this year.
They are starting liquidation sales as stores reopen amid COVID-19, and then the stores will be closing over the next several months.
The announcement was made a day after the company paid about $17 million in interest owed on a debt after filing for Chapter 11 bankruptcy protection in May. Plans were then announced to close approximately 30% of the retailers' 846 stores.
In a statement, CEO Jill Soltau said "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".
JCPenney joins Victoria's Secret and Bath & Body Works which also announced store closures this year.
Some good news is that San Angelo's JCPenney is not on the list to be closed!
For more information, visit abcnews.go.com.