JCPenney Moves Forward With 152 Store Closings, Announces 1,000 Job Cuts
A bankruptcy disposition team handling the closing of JCPenney stores announced the elimination of 1,000 corporate, field and international positions as the retailer begins the process of closing 152 stores.
JCPenney will keep only profitable and traffic-driving stores, the company said in a statement. It released a finalized list Wednesday of all stores targeted for closing in the coming months.
The Plano, Texas-based retailer is in the process of negotiating with landlords as it resizes its national footprint.
The disposition team handling the closings, which is made up of Gordon Brothers, Hilco Merchant Resources, Great American Group and Tiger Group, has already started the process of closing out 137 locations and launched discount sales on June 25.
JCPenney filed for Chapter 11 bankruptcy after struggling under the weight of roughly $4B in debt as retailers have been battling the headwinds of e-commerce and a changing retail space.
Despite the company's difficulties in today's retail space, analysts have often put value on the brand itself surviving even after Chapter 11 bankruptcy.
Only two JCPenney stores in DFW are closing — one at Timber Creek Crossing on Skillman in Dallas and another at Music City Mall in Lewisville. In total, the DFW-based brand is closing six locations in its home state of Texas. New York is clocking the most JCPenney closures with 10. Michigan and Ohio are losing nine. California, Florida and Indiana are each shuttering eight locations.
