The coronavirus pandemic may have been the last straw for the struggling J.C. Penney company. Wochit
J.C. Penney will close more stores in the springafter alreadyclosing 150-plus stores since filing for bankruptcy.
The retailer, which emerged from bankruptcy this month after beingacquired by mall owners Simon Property Group and Brookfield Asset Management, Inc., will close another 15 stores by the end of March, officials confirmed to USA TODAY Thursday.
"As part of our store optimization strategy that began in June with our financial restructuring, we havemade the decision to close an additional 15 stores," J.C. Penney said in a statement to USA TODAY. "These stores will begin liquidation sales later this month and will close to the public in mid to late March."
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The department store chain was one of the the largest retailers to file for bankruptcy protectionduring thecoronavirus pandemic. J.C. Penney filed forChapter 11in mid-May 2020 after years of sales declines and two months of disruption from the pandemic.It originally said it plannedto close about29% of its 846 stores or 242 locationsin bankruptcy.
"While store closure decisions are never easy, our store optimization strategy is intended to better position JCPenney to drive sustainable, profitable growth and included plans to close up to 200 stores in phases throughout 2020," the company said in its statement to USA TODAY.
According to a recent report from real estate data tracker CoStar, more than 40 major retailers have declared bankruptcy and more than 11,000 stores have been announced for closure in 2020, which beats past store closings records.
Liquidation sales have been handled differently during COVID-19 with fewer shoppers allowed into stores based on state and local regulations.
The following stores are slated to close in mid to late March and will begin liquidation sales later in December.
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Contributing: Nathan Bomey, USA TODAY
Follow USA TODAY reporter Kelly Tyko on Twitter:@KellyTyko
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