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JC Penney to close over 240 stores

JC Penney has unveiled plans to close around 242 stores following its recent filing for bankruptcy protection. In a regulatory filing, the US department store chain… View Article

DEPARTMENT STORES

JC Penney to close over 240 stores

JC Penney has unveiled plans to close around 242 stores following its recent filing for bankruptcy protection.

In a regulatory filing, the US department store chain said the remaining 604 shops that will stay open accounted for 80% of sales in its 2019 financial year.

The company has also said it is implementing a financial restructuring plan with the support of its lenders as it looks to cut costs to secure the future of the business and navigate its way through the covid-19 pandemic.

Jill Soltau, chief executive of JC Penney, said: “By entering this restructuring support agreement with our lenders, we expect to reduce several billion dollars of indebtedness, provide increased financial flexibility to help navigate through the coronavirus pandemic, and better position JC Penney for the long-term.”

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