Tag: Penney

J.C. Penney stores closing: Full list of closures due to bankruptcy and restructuring

Bankrupt J.C. Penney plans to permanently shutter 154 stores across the U.S., with going-out-of-business sales set to begin at those locations on June 12. The 118-year-old retailer plans to close a total of 242 locations by the fall.

J.C. Penney declared bankruptcy in May. It was one of many brick-and-mortar stores forced to temporarily close locations in April and May as the coronavirus pandemic raced across the U.S. Although the shutdowns pushed the retailer closer to insolvency, the company had been struggling for years with changing consumer tastes and a shift to ecommerce. 

J.C. Penney CEO Jill Soltau said the

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Here’s why the biggest U.S. mall owner might want to buy JC Penney

Simon Property Group might want to own bankrupt J.C. Penney in order to be able to redevelop some of its best real estate and make it even better, according to one analyst. 

“We believe Simon wants to control the J.C. Penney boxes and land so that it can ultimately redevelop many of these in order to densify and introduce mixed use elements,” Compass Point real estate analyst Floris van Dijkum said. “A redevelopment (that would require zoning approvals, capital, and time) could unlock significantly greater value while boosting traffic for the retail.” 

Simon is considering teaming up with Brookfield Properties

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J.C. Penney closure ‘catastrophic’ for mall | News, Sports, Jobs

News Photo by Steve Schulwitz
J.C. Penney in Alpena, seen here on Friday, was slated to reopen once the state lifted its coronavirus-related closures, but it has not. The store in Alpena joins stores in Petoskey and Cadillac to close in Michigan. The company filed for bankruptcy protection and is closing 154 stores in all.

ALPENA — The J.C. Penney in the Alpena Mall hasn’t reopened since coronavirus-related restrictions were lifted more than a week ago, and some other mall tenants wonder if it will ever open after the national retailer said the Alpena store is one of 154 to … Read More