JCP - J.C. Penney Launches Major Liquidation Sales at 136 Stores Today
As J.C. Penney (NYSE: JCP) continues to maneuver through the complexities of Chapter 11 bankruptcy and its efforts to streamline its operations back into a financially sound business, 136 of its stores, earmarked for closure, began liquidation sales today. At the same time, the few remaining stores still closed due to COVID-19 are in the process of reopening for customers, with nearly 100% of the company's North American outlets currently operational.
As part of its Chapter 11 reorganization, J.C. Penney is planning to close 242 of its stores in total. The closures will occur in several waves during 2020 and 2021, targeting mostly outlets producing less than average sales or having other disadvantages such as poor location. Whether the closure plan will be affected by a potential buyout of the retailer by its landlords, or other third-party purchasers, remains to be seen.
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