Just like Sears and many others before it, JCPenney continues to die a slow and agonizing death.
The bleak news today:
Days after filing for bankruptcy, J.C. Penney says it plans to close more than a fourth of its stores.
According to a document filed with the Securities and Exchanges Commission on Monday, approximately 29% of the retailer's 846 stores, or 242 locations, will close between the current fiscal year and next fiscal year.
For the current fiscal year, which ends in February, 192 stores are expected to close, and then 50 in the next fiscal year, the document notes. After the closings, the company will have 604 locations.
(https://www.usatoday.com/story/money/2020/05/18/jcpenney-store-closures-2020-bankruptcy-coronavirus/5214439002/)
29% ! That is a huge downsize. After JCP has already done some significant downsizing over the last decade.
Yeesh.
I expect the big store over in Springfield that we really enjoy is one of the 604. It'll shock me if that isn't one of the last ones around when the end of JCP arrives.
Grace & Peace & Love to you all -
Matt
The bleak news today:
Days after filing for bankruptcy, J.C. Penney says it plans to close more than a fourth of its stores.
According to a document filed with the Securities and Exchanges Commission on Monday, approximately 29% of the retailer's 846 stores, or 242 locations, will close between the current fiscal year and next fiscal year.
For the current fiscal year, which ends in February, 192 stores are expected to close, and then 50 in the next fiscal year, the document notes. After the closings, the company will have 604 locations.
(https://www.usatoday.com/story/money/2020/05/18/jcpenney-store-closures-2020-bankruptcy-coronavirus/5214439002/)
29% ! That is a huge downsize. After JCP has already done some significant downsizing over the last decade.
Yeesh.
I expect the big store over in Springfield that we really enjoy is one of the 604. It'll shock me if that isn't one of the last ones around when the end of JCP arrives.
Grace & Peace & Love to you all -
Matt