JCPenney is planning to close a “handful” of stores over the coming months as it struggles to keep pace with rapidly changing market conditions.
“While we do not have plans to significantly reduce our store count, we expect a handful of JCPenney stores to close by mid-year,” a spokesperson for the company told FOX Business.
Eight locations across as many states are closing, with the company citing reasons such as “expiring lease agreements” and “market changes.”
According to SB360 Capital Partners, which handles liquidation sales, one store in each of the following states is shutting down: California, Colorado, Idaho, Kansas, Maryland, North Carolina, New Hampshire and West Virginia.
JCPENNEY CEO SAYS COMPANY FOCUSED ON AMERICAN WORKING FAMILIES AS ECONOMY WEIGHS ON CONSUMERS’ WALLETS
The company said the closures weren’t related to its merger with SPARC Group, the parent of Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brand and Nautica, that was announced last month.
In January, the companies agreed to combine to form a new organization, Catalyst Brands, where they plan to create a portfolio of six retail banners.
Prior to the merger, JCPenney contended with slowing foot traffic and lackluster sales for years, causing it to file for bankruptcy protection at the height of the pandemic. It emerged from bankruptcy in 2020 as a private company after being acquired by Simon Property Group and Brookfield Asset Management Inc.
Under the rescue deal, JCPenney agreed to permanently close nearly a third of its 846 stores as part of its restructuring. Its leadership also tried to position the company as a place for working families so it could boost traffic.
JCPenney CEO Marc Rosen told FOX Business in 2023 that the company had been working to revamp its product offering, making sure it’s a cheaper alternative to other department stores, to boost customer frequency. It also announced that it was infusing more than $1 billion into the business to enhance its store portfolio.
The Shops at Tanforan
1122 El Camino Real, San Bruno, California 94066
The Shops at Northfield
8568 E 49th Avenue, Denver, Colorado 80238
Pine Ridge Mall
4201 Yellowstone Avenue Pocatello, Idaho 83202
West Ridge Mall
1821 SW Wanamaker RoadTopeka, Kansas 66604
Annapolis Mall
1695 Annapolis Mall Road, Annapolis, Maryland 21401
Asheville Mall
3 S Tunnel Road Asheville, North Carolina 28805
Mall at Fox Run
50 Fox Run Road Newington, New Hampshire 03801
Charleston Town Center
401 Lee Street E Charleston, West Virginia 25301
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