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JCPenney to close 152 stores and cut 1 000 jobs

Jul 17, 2020 United States
JCPenney to close 152 stores and cut 1 000 jobs
The US-based retailer is becoming a smaller operator as it goes through a bankruptcy restructuring. JCPenney plans to lay off about 1 000 employees as it shuts down more than 150 stores
The retailer was already facing issues before the pandemic hit the sector particularly hard. JCPenney took the hit and filed for court protection on the 15th of May, with roughly 860 stores and about 90 000 full-time and part-time employees.

In recent weeks there were talks about closing 170 stores as negotiations with landlords are ongoing. Now the company says it expects to close doors in about 152 locations. As it diminishes its store network, JCPenney will lay off about 1 000 workers, in corporate, field management, and international positions.

“These decisions are always extremely difficult, and I would like to thank these associates for their hard work and dedication. We are committed to supporting them during this period of transition.”, commented Jill Soltau, Chief Executive Officer.

JC Penney aims to create a smaller and more financially flexible company with the organizational restructuring, and believes it “will help ensure JCPenney emerges from both Chapter 11 and the Coronavirus (COVID-19) pandemic as an even stronger retailer”.

“The global health and economic crisis caused by the Coronavirus (COVID-19) pandemic has forced retailers to make difficult decisions. For JCPenney, that includes reducing our footprint and accelerating our store optimization strategy while we implement our Plan for Renewal. As the retail landscape continues to evolve, we will continue to make thoughtful and strategic choices to Offer Compelling Merchandise, Drive Traffic, Deliver an Engaging Experience, Fuel Growth, and Build a Results-Minded Culture to ensure that JCPenney remains at the heart of America’s communities for decades to come”, concluded Soltau.

Image credits: Tim Mossholder on Unsplash


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