World Footwear

Companies

JCPenney to close 242 locations

May 27, 2020 United States
JCPenney to close 242 locations
According to a filing with the Securities and Exchanges Commission, retailer J.C. Penney, which recently filed for bankruptcy protection, plans to close more than 200 locations
192 stores are expected to close during the current fiscal year and then 50 the following year, according to the same source. With a current network of 846 stores, this represents 29% of the locations to close. After the closings, the company will have 604 locations, which account for more than 80% of its fiscal 2019 sales.

JCPenney will keep the locations with the highest sales-generating, most profitable, and most productive.

This does not come as a surprise. Earlier in May, when announcing it has filed for bankruptcy protection given the impact of the COVID-19 pandemic, JCPenney anticipated a reduction in the store footprint to better align its business with the current atmosphere. The company also said it has agreement with most of its lenders on its restructuring plan, which is prepared to allow JCPenney to “stay in business as a more financially healthy company”.

In financial year 2019, footwear and handbags represented 11% in JCPenney's merchandise mix. Men’s apparel and accessories represented 22% and Women’s apparel: 21%. Women’s accessories, including Sephora (14%), Home (11%); Kids’, including toys (9%), Jewellery (6%) and Services and other (6%) represent the remainder. The company registered total net sales of 10.7 billion US dollars last financial year.

Image credits: Sourcing Journal

Related Events

  • Nov
    3
    Nov 3-Nov 4, 2020 | Hyannis, United States

    NEAC Hyannis

  • Nov
    10
    Nov 10-Nov 11, 2020 | Portland, United States

    NEAC Portland

  • Dec
    7
    Dec 7-Dec 11, 2020 | New York, United States

    FFANY Market Week

  • Jan
    13
    Jan 13-Jan 16, 2021 | Dallas, United States

    Dallas Apparel & Accessories Market

Related Organizations

  • Rubber and Plastics Footwear Manufacturers Association

    Rubber and Plastics Footwear Manufacturers Association

    United States
  • Chicago School of Shoemaking & Leather Arts

    Chicago School of Shoemaking & Leather Arts

    United States
  • Two Ten Footwear Foundation

    Two Ten Footwear Foundation

    United States
  • TUSPM Shoe Museum

    TUSPM Shoe Museum

    United States