JCPenney shutting down 154 stores after coronavirus-driven bankruptcy

SAN BRUNO, CALIFORNIA - MAY 15: A view of a temporarily closed JCPenney store at The Shops at Tanforan Mall on May 15, 2020 in San Bruno, California. JCPenney avoided bankruptcy after the company paid down paid $17 million in debt on Friday after missing two previous payments.JCPenney has an estimate $3.6 billion in debt. (Photo by Justin Sullivan/Getty Images)

NEW YORK — Nearly three weeks after JCPenney filed for Chapter 11 bankruptcy, the company has announced it will close down 154 stores nationwide in 38 states as a first step in reorganizing the business.

“While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensuring we emerge from both Chapter 11 and the COVID-19 pandemic as a stronger retailer with greater financial flexibility to allow us to continue serving our loyal customers for decades to come,” said JCPenney CEO Jill Soltau in a company statement. “We will remain one of the nation’s largest apparel and home retailers as we continue to operate a majority of our stores and our flagship store, jcp.com, to ensure our valued customers continue to have access to the products and brands they need and want.”

Store-closing sales will take place at the 154 different locations per orders from the U.S. Bankruptcy Court for the Southern District of Texas. The stores will adhere to CDC-recommended coronavirus guidelines in addition to state and local mandates to ensure customers and store employees remain safe from the respiratory illness.

The 118-year-old department store chain expects to announce additional store closures and related sales in the coming weeks, the statement said. Moreover, the company suggests the first round of store closures will take 10 to 16 weeks to complete, with closing sales slated to begin June 12.

Shuttering stores is JCPenney’s strategy for survival at this point in time. The company’s “Plan for Renewal” is focused on its high-performing stores and e-commerce to get it back on track, which means sacrificing its store footprint in locations that aren’t doing as well.

In mid-May, JCPenney inked a restructuring deal with its creditors – who reportedly hold approximately 70 percent of the department chain’s first-lien debt – to protect the company.

More recently, nearly 500 JCPenney stores have reopened after local governments throughout the country began easing coronavirus lockdown measures.

Closing JCPenney stores

Alabama:
Covington Mall
Regency Square
Jackson Square
Spanish Fort Town Center

Arizona:
Little Creek Center
Christown Spectrum
El Con Shopping Center

Arkansas:
Independence Center
Conway Town Center
Mellor Park Mall
The Fashion Center

California:
Rancho Del Chino Shopping Center
San Luis Plaza
Woodland Plaza
Inland Center
West Valley Mall
Country Side Plaza
Yreka Junction Mall

Colorado:
Durango Mall
Greeley Mall
River Landing Shopping Center

Connecticut:
Torrington Commons

Florida:
Desoto Square Mall
Coralwood Shopping Center
Gulf Coast Town Center
Regency Square Mall
Eagle Ridge Mall
Santa Rosa Shopping Center
Orlando Fashion Square
Lakeshore Mall
Westshore Plaza

Georgia:
Georgia Square
Northlake Mall
Arbor Place Mall
Lakeshore Mall
Mount Berry Mall
Statesboro Mall
Hatcher Point Mall

Idaho:
Lewiston Shopping Center
Bonner Mall

Illinois:
Northfield Square
River Oaks Shopping Center
University Mall
Freeport Mall
Times Square Mall

Indiana:
Bedford Town Fair
Concord Mall
NW Pavilion @ Michigan Road
Kokomo Mall
River Point Mall
Muncie Mall
Pilgrim Place Mall
Richmond Square
Vincennes Plaza

Iowa:
Marshalltown Mall

Kansas:
Flint Hills Village
Liberal Plaza
Central Mall

Kentucky:
Green River Plaza
Danville Manor Shopping Center
Bradford Square
Market Square
Middlesboro Mall
Town Square Mall

Louisiana:
Acadiana Mall
Lakeside Shopping Center
Regal Court Shopping Center

Maryland:
Boulevard @ Box Hill
Woodmore Towne Center
Country Club Mall

Michigan:
Alpena Mall
Cadillac Shopping Center

Minnesota:
Riverdale Village
Eden Prairie Center
Grove Square Shopping Center
Kandi Mall

Mississippi:
Sawmill Square Mall
Starkville Crossing

Missouri:
Bolger Square
Kirksville Shopping Center

Montana:
Gallatin Valley Mall

Nebraska:
Conestoga Mall

New Hampshire:
West Street Shopping Center
Mountain Valley Mall
Lilac Mall
Upper Valley Plaza

New Mexico:
White Sands Mall

New York:
Finger Lakes Mall
Batavia City Centre
Roseland Shopping Center
Sangertown Square Mall
Oswego Plaza
Freedom Mall
Destiny USA

North Carolina:
Henderson Square
Briggs Park Shopping Center
Twin Rivers Mall
North Hills Shopping Center
Richmond Plaza

Ohio:
Chapel Hill Mall
Tri County Plaza
Carnation Mall
Ashtabula Mall
Governors Plaza
Northtowne Mall
Summit Square Shopping Center
The Shoppes At Parma
Miami Valley Mall

Oklahoma:
Oakwood Mall
Tandy Town Shopping Center
Town Center Plaza
Arrowhead Mall
Shawnee Mall
Tulsa Promenade

Oregon:
Cascade Village
McMinnville Plaza
Garden Valley Mall
Salem Center

Pennsylvania:
Clearview Mall
North Hanover Mall
Beaver Valley Mall
Monroeville Mall
Galleria @ Pittsburgh Mills

South Carolina:
Anderson Mall
Cross Creek Mall
Magnolia Mall
Myrtle Beach Mall
Prince of Orange Mall
Rock Hill Galleria

South Dakota:
University Mall

Tennessee:
Bradley Square
Columbia Mall
Dyersburg Mall
Kingsport Town Center
Foothills Mall
Three Star Mall

Texas:
Timber Creek Crossing
Crossroads Mall
West Hills Mall
Music City Mall
Lufkin Shopping Center
Palestine Mall
Mirabeau Square

Utah:
Layton Hills Mall
Cache Valley Mall

Vermont:
Bennington Square
Berlin Mall

Virginia:
Danville Mall
Colonial Mall

Wisconsin:
Crossroads Shopping Center

Read updates at FOXBusiness.com.

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