JC Penney has taken the first step in implementing its store optimisation strategy following a comprehensive evaluation of its retail footprint and a careful analysis of store performance and future strategic fit, the company recently announced. It has already filed for Chapter 11 in a US bankruptcy court and store closing sales will begin at 154 locations.
Store closing sales for the first round of store closures are expected to take 10-16 weeks to complete. The company expects additional phases of store closing sales to begin in the coming weeks, it said in a press release.JC Penney has taken the first step in implementing its store optimisation strategy following a comprehensive evaluation of its retail footprint and a careful analysis of store performance and future strategic fit, the company recently announced. It has already filed for Chapter 11 in a US bankruptcy court and store closing sales will begin at 154 locations.#
“While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensuring we emerge from both Chapter 11 and the COVID-19 pandemic as a stronger retailer with greater financial flexibility to allow us to continue serving our loyal customers for decades to come,” said Jill Soltau, chief executive officer of JCPenney.
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