Major Retailer Permanently Closing Some Stores
A store so many of us grew up shopping in will see over one hundred of its stores close for good. JC Penny has announced that as part of their bankruptcy plan they will be permanently closing 154 stores this summer.
The company was one of the most high profile retailers to file for bankruptcy protection after they were hit hard by the coronavirus. JC Penny had filed for Chapter 11 bankruptcy on May 15th. Then the Covid-19 pandemic hit and low sales for the 118 year old company were the final blow. The company struggled to overcome a mountain of debt.
Like other stores, when the pandemic hit they were forced to temporarily close. The company said in an announcement today that they had reopened nearly 500 stores as restrictions began to ease up in some states.
For now Penny's will be closing down 3 stores in Michigan, the JCPenny in the Alpena Mall, their store in the Cadillac Shopping Center, and the JCPenny in Petoskey. Luckily no stores in our area face closing at this time.
The CEO of the long time retailer said "while closing stores is always an extremely difficult decision, our store optimization strategy is key to making sure that we can pull through after Chapter 11 and also the coronavirus." Pennys upper management said that they are hopefull to make it through this time and come out on the other end, stronger and able to serve their loyal customers for decades to come.