Business JC Penney to Close Over 240 Stores | Economy

JC Penney to Close Over 240 Stores | Economy

NEW YORK – J.C. Penney will permanently close nearly 30% of its 846 stores as part of a bankruptcy restructuring, the company reported Monday.

The Plano, Texas-based chain said it plans to close about 192 stores by February 2021, and another 50 stores in the 12 months after that date.

That would leave the company with just over 600 stores.

Penney filed for bankruptcy reorganization on Friday, making it the largest retail chain to do so since the coronavirus pandemic forced the company to close all of its stores temporarily.

Some of the more fragile companies have begun to resent the effects of the pandemic as their retail sales plummet. J.Crew and Neiman Marcus filed for bankruptcy protections days before J.C. Penney.

All three companies were mired in debt and struggling to connect with their customers.

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