NEW YORK (AP) — J.C. Penney will permanently close nearly 30% of its 846 stores as part of a restructuring under bankruptcy protection.
The Plano, Texas, retailer said Monday that it plans to close about 192 stores by February 2021, and then 50 additional stores in the year after that.
That would leave the company with just over 600 stores. The company has not identified which stores will be closed, but it said the surviving stores would be “the highest sales-generating, most profitable, and most productive stores in the network.”
Penney filed for bankruptcy reorganization on Friday, making it the biggest retailer to do since the coronavirus pandemic forced them to shut down all stores temporarily.
The pandemic has begun to fell some of the weakest companies as retail sales plunge. J.Crew and Neiman Marcus sought bankruptcy protection days before J.C. Penney. All three were already laden with debt and having trouble connecting with consumers.