Household name retail chain launches closing sales with seven stores set to vanish in coming weeks
The seven JCPenney stores slated for closure were first revealed in February, five years after the company's Chapter 11 bankruptcy declaration
An American household favorite has initiated a massive sale ahead of seven store closures. Time is running out for JCPenney customers to seize these bargains.
The seven JCPenney stores slated for closure were first revealed in February, five years after the company's Chapter 11 bankruptcy declaration.
After emerging from bankruptcy, the company has begun closing stores as part of its restructuring efforts.
The store closures were announced one month after JCPenney disclosed its partnership with Forever 21's owner to establish a new company called Catalyst Brands.
A Catalyst Brands spokesperson told USA Today that the umbrella company is “optimizing” its structure by eliminating roughly 9% of its corporate roles and shutting down seven JCPenney locations on or before May 25.
These are the seven locations slated for closure:
- The Shops at Tanforan in San Bruno, California
- The Shops at Northfield in Denver
- Pine Ridge Mall in Pocatello, Idaho
- West Ridge Mall in Topeka, Kansas
- Fox Run Mall in Newington, New Hampshire
- Asheville Mall in Asheville, North Carolina
- Charleston Town Center in Charleston, West Virginia
The impending closures signify further retail carnage for JCPenney, which has already shuttered more than 200 stores since its Chapter 11 filing. An eighth location, originally scheduled to close at the end of this month, has undergone a change of plans. As of last week, liquidation sales at the JCPenney in the Westfield Annapolis Mall in Annapolis, Maryland, had been halted.
A JCPenney spokesperson told AXIOS, "While we do not have plans to significantly reduce our store count, we expect a handful of JCPenney stores to close by mid-year... The decision to close a store is never an easy one, but isolated closures do happen from time to time due to expiring lease agreements, market changes, or other factors."
Coresight Research has forecasted that roughly 15,000 stores are expected to close in 2025, almost doubling the closures from last year. In a glaring disparity, only an estimated 5,800 new stores are slated to open, indicating a minor decrease from the previous year's launch numbers.
A slew of well-known retailers, such as Kohl's, Bargain Hunt, Big Lots, Walgreens, Macy's, and Starbucks, are trimming their store fleets. Some have even succumbed to Chapter 11 bankruptcy to stay afloat.