JCP - J.C. Penney to Close Even More Stores
Declaring Chapter 11 bankruptcy after devastating sales losses to COVID-19 deepened its already existing troubles, department store chain J.C. Penney (NYSE: JCP) says it intends to close a greater number of stores than it originally meant to. The total permanent closures are now expected to reach 242 stores, approximately 29% of all its retail locations, leaving some 604 operational.
J.C. Penney is closing underperforming outlets by preference, noting that the 71% of stores remaining open generated 82% of 2019's revenue. In an SEC filing this morning, the company said it will close the stores in phases. It added, "as part of its ongoing transformation, JCPenney will reduce its store footprint to better align its business with the current operating environment."
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