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Jcpenney is preparing to close multiple stores in eight different states.
The company confirmed that stores will close this year in a statement shared with Independent On Wednesday. However, Jcpenney said the measure is not “not related to the recent brand fusion with the SPARC group, which formed helped Catalyst Brands, an organization of six main retailers.
“While we have no plans to significantly reduce the count of our store, we hope that a handful of Jcpenney stores close in the middle of the year,” said a spokesman for JCpenney.
“The decision to close a store is never easy, but isolated closures occur occasionally due to lease, market changes or other factors,” the representative continued. “We thank our associates dedicated to loyal customers who have bought in these places. We continue working to make every dollar count for the various working families in the United States and welcome them to buy in our other Jcpenney stores in the area and in Jcpenney.com ”.
On its website, SB360 Capital Partners has published the eight Jcpenney stores, each in different states, which are closing. Here is the list of closed stores and where they are:
-Jcpenney in Tanforan stores in San Bruno, California.
-Jcpenney in Northfield stores in Denver, Colorado.
-Jcpenney at the Pine Ridge shopping center in Pocatello, Idaho.
-Jcpenney in West Ridge Mall in Topeka, Kansas.
-Jcpenney in Annapolis Mall in Annapolis, Maryland.
-Jcpenney in Asheville Mall in Asheville, North Carolina.
-Jcpenney in Mall At Fox Run in Newington, New Hampshire.
-Jcpenney in Charleston Town Center in Charleston, West Virginia.
In January, Jcpenney confirmed his fusion with Sparc Group, owner of Aerotalel, Brooks Brothers, Eddie Bauer, Lucky Brand and Nautica, to create catalyst brands. Marc Rosen, formerly Executive Director of JCpenney, who became CEO of Catalyst Brands, said that “his business brings together the rich inheritance of six unique brands with modern energy and a new vision for success.”
“Together, we contribute scale, experience and wide attraction for customers throughout the United States,” Rosen said in a statement at that time. “For us, customers are in the heart of what we do. We have a shared belief that customers deserve fashion and high quality style for any time in life. We will take advantage of our resources and the best talent in the industry in its class to grow our brands. ”
During the Covid Pandemia, Jcpenney requested the bankruptcy of Chapter 11, since the company agreed with the lenders to reduce its billions of dollars of debt and explore the sales options.
“We hope to emerge from both chapter 11 and this pandemic and a stronger retailer, continuing to implement our renewal plan and the construction of capacities focused on satisfying the desires and needs of customers,” said Jill Soltau, former executive director of JCPENNEY, He said in a statement at that time.
Jcpenney is not the only important retailer who has announced a handful of store closures. Last year. Big Lots announced that it was closing more than 300 stores in the United States, the news occurred after the company announced a sales fall of 10 percent, which is equivalent to around $ 205 million. In a subsequent regulatory presentation, the company said it would increase the number of store closures to 315 as part of a loan agreement.
In December, Party City announced that it closed all its stores in the United States after 40 years of business. The CEO Barry Litwin held a meeting on December 11 with the staff to announce the news, notifying them that it would be their last day of employment. The company, which had approximately 6,400 full time and 10,100 part -time workers throughout the country, would not give compensation and benefits will end as the company closes, said Litwin.
Store closures are expected to continue in 2025, according to a report published by Coreight Research in January. Coresight Research expects store closures to rise to approximately 15,000 in 2025. In 2024, the closures of the US store total 7,325, which is the highest that has been since 2020 when there were almost 10,000 closures.
