Times have been really bad for big retailers inside malls, and even the small ones. Here in Amarillo, we’ve seen so many stores come and go inside Westgate Mall over the last few years that it’s almost unrecognizable.
Some of the biggest mall brands, such as Forever 21, have gone completely out of business and no longer have storefronts. The big retailers, such as Dillard’s and JCPenney, have had their struggles as well.
JCPenney To Be Saved
Five years ago, JCPenney was in such dire straits, it had to file for bankruptcy. Part of the bankruptcy process was handing over control of the stores to a trust with the intention of selling off the 160 stores they had at the time.
Because of this, there was concern that JCPenney would ultimately shut its doors across the country, including here in Amarillo. However, a group has come along and bought up the JCPenney locations for just shy of $1 billion.
Will Amarillo Get To Keep Their Location
With the purchase, the 119 stores that were purchased in the deal will be saved, at least for the time being. As of the time of the deal being made, there was no word on what was planned for the remaining stores…