J.C. Penney filed for Chapter 11 bankruptcy protection in May, becoming one of the largest retailers to do so during the pandemic amid a wave of store closures forced by the spread of COVID-19 infections in the U.S.
Which JCP stores are closing in 2020?
California J.C. Penney store closings
- Chino: Rancho Del Chino Shopping Center, 14659 Ramona Ave.
- Delano: 1228 Main St.
- Los Banos: San Luis Plaza, 951 W Pacheco Blvd.
- Paso Robles: Woodland Plaza, 120 Niblick Road.
- San Bernardino: Inland Center, 300 Inland Center.
- Tracy: West Valley Mall, 3100 Naglee Road.
Why is JCPenney struggling?
Long-struggling JC Penney files for bankruptcy as coronavirus crushes hopes for a quick turnaround. J.C. Penney, weighed down by debt and battered by the coronavirus, has filed for bankruptcy. The Plano, Texas-based retailer employed roughly 90,000 full- and part-time workers as of February.
What went wrong at JCPenney?
JCPenney has filed for bankruptcy, another sign of the once-venerable brand’s long decline. While coronavirus pressure played a part in JCPenney turning to Chapter 11, it had struggled for years to regain its status as one of the premier shopping destinations for America’s middle class.
Why is JCP closing?
“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 the outlet.
Is JC Penney in trouble?
Covid-19 was the straw that broke the company’s back after 118 years in business. After more than a century in business, J.C. Penney filed for bankruptcy protection. Ultimately, deep-pocketed mall owners Simon Property Group and Brookfield Asset Management bought out the remnants of J.C. Penney.
