Additional Coverage:
- JCPenney set to close stores in 2025: Here are the locations (foxbusiness.com)
JCPenney is closing a small number of stores across the US. The closures are expected by mid-year.
The company confirmed the closures but stressed there are no plans for widespread store reductions. Eight stores, one in each of eight different states, will be shuttered.
The affected states are California, Colorado, Idaho, Kansas, Maryland, North Carolina, New Hampshire and West Virginia. JCPenney cited expiring leases and changing market conditions as reasons for the closures.
The company insists these closures are unrelated to its recent merger with SPARC Group, which created a new retail organization called Catalyst Brands.
JCPenney has struggled in recent years, filing for bankruptcy during the pandemic. The retailer emerged from bankruptcy in 2020 under new ownership and significantly reduced its store count as part of the restructuring process.
The company has been working to reposition itself for working families and has invested heavily in updating its offerings and store portfolio. Last year, CEO Marc Rosen emphasized the company’s focus on providing affordable alternatives to other department stores.
Read More About This Story:
- JCPenney set to close stores in 2025: Here are the locations (foxbusiness.com)