JCPenney plans to close its store in 2025
CoreSight Research estimates there will be another wave of retail closures in 2025 as legacy companies face relentless competition.
JCPenney plans to close We have a “handful” store over the coming months as we struggle to cope with the rapidly changing market situation.
“We don’t plan to significantly cut our stores, but we expect JCPenney stores to close until mid-year,” a company spokesperson told Fox Business.
Eight locations in many states have been closed, and the company has cited reasons such as “expiring lease agreements” and “changes in the market.”
According to SB360 Capital Partners, which handles liquidation sales, one store in each of the following states is closed: California, Colorado, Idaho, Kansas, Maryland, North Carolina, New Hampshire and West Virginia.
The company said the closure was not related to the merger of Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brand and Nautica’s parent SPARC Group, which was announced last month.
In January, the companies agreed to combine to form a new organization, the Catalyst brand, and plan to create a portfolio of six retail banners.
JCPenney Department Store, Fashion Valley, a luxury shopping mall located in San Diego, California, on December 13th, 2024. (Kevin Carter / Getty Images) / Getty Images)
Before the merger, JCPenney fought against a long-standing slowdown in sales and poor sales, causing it to file for bankruptcy protection. The height of the pandemic. It was acquired by Simon Property Group and Brookfield Asset Management Inc. and was born from bankruptcy in 2020 as a private company.
Under the rescue agreement, JCPenney agreed to permanently close to a third of its 846 stores as part of its restructuring. That leadership also sought to position the company as a place for working families to promote transportation.
Chapter 11 JCPenney Store is in the process of closing after department store chains that filed for bankruptcy protection are seen at Fashion Square Mall. (Paul Hennessy/SOPA Images/Lightrocket by Getty Images)/Getty Images)
Click here to get your Fox business on the go
JCPenney CEO Marc Rosen told Fox Business in 2023 that the company is working to improve its product offerings and is a cheaper alternative to other department stores to increase customer frequency. He said he was checking it. It also announced that it has injected more than $1 billion into its business to strengthen its store portfolio.
Tanforan Shop
1122 El Caminoreal, San Bruno 94066, CA
Northfield store
8568 E 49th Avenue, Denver, Colorado 80238
Pine Ridge Mall
4201 Yellowstone Avenue Pocatello, Idaho 83202
Westridge Mall
1821 SW Wanamaker RoadTopeka, Kansas 66604
Annapolis Mall
1695 Annapolis Mall Road, Annapolis, Maryland 21401
Asheville Mall
3 S Tunnel Road Asheville, North Carolina 28805
Fox Run Mall
50 Fox Run Road Newington, New Hampshire 03801
Charleston Town Centre
401 Lee Street E Charleston, West Virginia 25301