J. C. Penney closing hundreds of stores in the US because of the bankruptcy

Representatives of the company J. C. Penney said that the plan to close nearly 29% of shops or 242 outlets — as part of its bankruptcy, writes USA Today.

J.C. Penney закрывает сотни магазинов в США из-за банкротства

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A few days after the filing of the bankruptcy petition, the representatives of the J. C. Penney said that the plan to close more than a quarter of its stores.

According to the document, filed with the Commission on securities and exchange Commission on Monday, may 18, approximately 29% from 846 stores by the retailer, or 242 outlets will be closed in the period between the current and next financial year.

In the current financial year is expected to close 192 stores and then 50 stores in the next year, the document says. After the closing, the company will remain 604 outlets.

“Approximately 604 points are the most profitable and most productive shops in the network”, — said the representatives of J. C. Penney.

A Declaration of bankruptcy appeared in the second week of may after years of declining sales, and strategic mistakes, while J. C. Penney switched from one strategy to keep afloat to another.

Bankruptcy sets in motion the process of closing to permanent shops, while the retailer aims to stabilize its financial situation and to do without direct liquidation — which could not be avoided networks such as Toys R Us, Payless ShoeSource and others.

A list of places that will be closed as part of restructuring of J. C. Penney, forthcoming.

According to the official statement, which outlines the “Plan update”, the exact number of stores that will remain open, “still to be confirmed.”

Press Secretary J. C. Penney Brooke Buchanan said that on may 20 about 115 stores will be opened after the closure in March of the pandemic COVID-19. Previously, quarantine was released 41 store network.



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