JCPenney Announces Bankruptcy Due to Coronavirus | Store Closing Sales Start June 12th
JCPenney is closing more stores!
Update: JCPenney has released a list of the first 154 stores that will be closing. Store closing sales are expected to begin on June 12th.
JCPenney has announced that due to the coronavirus pandemic they are filing for bankruptcy. This doesn’t mean JCPenney is going away, though!
Select stores, as well as the JCPenney website, will remain open, so you’ll still be able to grab great deals both in-store and online.
The list of retail stores that are closing won’t be announced for another few days.
This isn’t the first time the major retailer has closed stores, last year we shared that JCPenney was closing 18 stores in 2019 and has closed 138 stores in 2017 to help with financial issues.
Although we’re sad to hear that more stores will be closing, Jill Soltau, the chief executive officer of JCPenney seems optimistic!
Implementing this financial restructuring plan through a court-supervised process is the best path to ensure that JCPenney will build on its over 100-year history to serve our customers for decades to onlinee. We believe the RSA and the widespread support we have received from our asset-based lenders and first lien lenders will allow us to pursue a financial restructuring on an expedited timeframe. We are also encouraged by the level of support we have received from our vendor partners, landlords, and other stakeholders, whose confidence in our business and our people is expected to contribute to a successful reorganization.
