J.C. Penney to close 29% of its stores
Plano-based J.C. Penney, the department-store chain that filed for Chapter 11 bankruptcy on Friday, said it will close about 29% of its stores as part of its broader business plan.
The retailer said it would reduce its store count to about 604, down from the 846 it currently has across the U.S, according to a company filing. In fiscal 2019, those locations brought in $9.2 billion in net sales. With the smaller store fleet, it expects net sales of $7.5 billion. It will also close two distribution centers.
The remaining stores, which made up 82% of net fiscal 2019 sales, “represent the highest sales-generating, most profitable and most productive stores in the network,” according to the company filing.
The filing said that 192 closures would take place in fiscal 2020, with the closing and sale of 50 more company-owned stores the following year. The company is in the process of determining when and which stores will be closed.
Read more: https://www.dallasnews.com/business/retail/2020/05/18/jc-penney-to-close-29-of-its-stores/
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