More Store Closures From JC Penney By 2021: Is Your Location On The List?

More store closings are on the horizon for JC Penny despite emerging from bankruptcy under the new ownership of mall owners Simon Property Group and Brookfield Asset Management Inc.

The department store retailer will close 15 more stores by the end of March 2021 after shuttering more than 150 locations since it filed bankruptcy in May, USA Today reported.

JC Penney entered a turnaround plan under the leadership of CEO Jill Soltau back in August 2019, but it wasn’t enough to save the retailer from its financial woes. The company’s lagging sales coupled with mounting debt was only further compounded by temporary store shutdowns during the coronavirus pandemic, which eventually forced it into Chapter 11.

At the time of its bankruptcy filing, JC Penney said it expected to close 242 brick-and-mortar locations or 29% of its total portfolio of 846 stores. The company also laid off 1,000 employees from corporate, field management, and international positions.

JC Penney told USA Today about the new store closures in a statement, “As part of our store optimization strategy that began in June with our financial restructuring, we have made the decision to close an additional 15 stores. These stores will begin liquidation sales later this month and will close to the public in mid to late March.

While store closure decisions are never easy, our store optimization strategy is intended to better position JCPenney to drive sustainable, profitable growth and included plans to close up to 200 stores in phases throughout 2020.”

Here’s are all the stores that JC Penney plans to close by March 2021:

Alabama

Enterprise Shopping Center located at 626 Boll Weevil Circle in Enterprise

Arizona

Kingman Square Shopping Center located at 3127 Stockton Hill Road in Kingman

Idaho

Silverlake Mall located at 200 Hanley Avenue in Coeur d’Alene

Illinois

Cross County Mall located at 700 Broadway Avenue in Mattoon

Kentucky

Chestnut Hills Mall located at 720 N. 12^th Street (U.S. 641) in Murray

Massachusetts