JCPenney is set to close seven stores this weekend in various states including California, Colorado, Idaho, Kansas, New Hampshire, North Carolina, and West Virginia. This closure follows the retailer's Chapter 11 bankruptcy filing in May 2020, which led to a significant reduction in its store count. The closures come despite JCPenney's recent partnership with Forever 21 to establish Catalyst Brands. The chain, like many retailers, faces challenges due to declining foot traffic, inflation, and the shift towards online shopping, which has impacted its financial stability.
The news comes just one month after the retailer announced it was partnering with Forever 21 to create a new company, Catalyst Brands.
After filing for Chapter 11 bankruptcy in May 2020, JCPenney was purchased by property managers Simon Property Group and Brookfield Asset Management.
Collection
[
|
...
]