JCPenney confirms eight stores will permanently disappear from the map just years after iconic chain’s bankruptcy filing ...Middle East

A RAFT of JCPenney locations are to close their doors for good in the coming weeks, leaving shoppers gutted.

Chiefs at the iconic department store chain, founded in 1902, revealed eight locations will go to the wall.

The closures are to be completed by the middle of the year, per Axios.

And, chiefs have not provided a single reason why the stores will be closing.

A spokesperson for the company explained changes in the market and lease agreements coming to an end can influence the decision to close stores.

“The decision to close a store is never an easy one,” they told Axios.

Shoppers in California, Colorado, Idaho, Kansas, Maryland, North Carolina, New Hampshire and West Virginia, are set to be impacted.

The store in San Bruno will close its doors by May.

But, the company is not leaving the Bay Area for good despite the store shutdown.

JCPenney has seven other stores in the region.

It’s expected that JCPenney location in Topeka, Kansas, will close by May 31.

But the closure could happen earlier, as reported by KSNT.

The JCPenney store is located within a shopping mall and the second floor of the outlet is to be turned into office space.

JCPenney has 650 stores across the US and the closures equate to around 2% of the brand’s portfolio of stores.

Even though a handful of stores are closing, shoppers have been left devastated.

“Sad to see this,” one fan mourned on Facebook.

US braces for '45,000 store closures'

Some 45,000 bricks-and-mortar stores could close in the next five years, experts have warned.

Several major retailers have announced store closures or gone out of business altogether in recent years.

In 2023, chains such as Foot Locker announced plans to close up to 400 outlets by 2026.

While, other well-known retailers like Tuesday Morning and Mitchell Gold + Bob Williams filed for bankruptcy in 2023.

Bed Bath & Beyond has closed all of its brick-and-mortar stores and is now an online-only retailer.

The most affected retailers have been clothing, consumer electronics, sporting goods, hobby, book, music, and home furnishing stores since the start of 2019.

UBS has predicted the total number of retail stores will drop by 45k from 958k to 913k.

Despite that, the report says that certain stores should thrive while others decline.

It said retailers such as Walmart, Costco, Home Depot, and Target, could be among the winners.

“Well that’s a bummer,” another said.

JCPenney has been part of the American retail scene for more than 100 years.

But the company filed for bankruptcy in 2020.

At the time of the bankruptcy filing, the brand had 850 stores across the US.

The brand survived and has merged with another retail company to create Catalyst Brands.

Names such as JCPenney, Aeropostale, Brooks Brothers, Eddie Bauer, Lucky Brand and Nautica are now under one umbrella.

“Catalyst Brands brings together the rich heritage of six unique brands with modern energy and a new vision for success,” Marc Rosen, the former CEO of JCPenney, said in a statement

“The word ‘catalyst’ reflects our drive to accelerate innovation and energy and amplify the impact of this powerhouse portfolio.”

Bosses have revealed the closures are not linked to the merger.

Execs of major retailers are taking the decision to close stores.

A dozen Walgreens locations are to close in San Francisco, and another five across California are slated to go.

Chiefs are closing more than 1,000 over three years.

Macy’s is in the process of closing stores and Jo-Ann chiefs have confirmed 530 stores will shut.

JCPenney closures

Eight JCPenney stores across the US are to close their doors in the coming weeks.

Source: Axios

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