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J.C. Penney says it plans to close nearly 29% of stores – or 242 locations – as part of its bankruptcy

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A few days after filing for bankruptcy, J.C. Penney says it wants to close more than a quarter of its stores, according to a document filed with the Securities and Exchanges Commission on Monday, with approximately 29% of the 846 retail stores, or 242 locations, which will then close between fiscal year in course and the next fiscal year. For the current fiscal year, the 192 stores are expected to close and therefore 50 more this year, after closing. The company will have 604 positions remaining. “The future fleet of around 604 represents the network’s most profitable, most profitable and most productive outlets,” said J.C. Penney in SEC filing. J.C. Penney on arrival: in fact the dealer who tries to avoid the liquidation in the bankruptcy of chapter 11 These 13 dealers can survive COVID-19: the closings of permanent shops, with the bankruptcies are now inevitable. Last week’s bankruptcy came after several years of declining sales and false strategic choices, while J.C. Penney went from one reinvention strategy to another. The bankruptcy has now started the process of permanent shop closings, as the retailer aims to stabilize his finances and avoid liquidation. A chain destiny such as Toys R Us, Payless Shoe Source and others have not been able to support free fall weight. No list has yet been published of which locations will close as part of the J.C. Penney. According to the SEC filing, which outlines a “Renewal Plan”, the exact number of stores that will remain “continues to evolve”. Brooke Buchanan, the spokesperson for J.C. Penney said about 115 new stores will reopen on Wednesday after the closing of March due to COVID-19. With forty-one stores that had previously reopened. Contribution: WW Tube News Follow the US foreign journalist @Marius_SEO

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https://www.businessinsider.com/jcpenney-files-for-bankruptcy-amid-coronavirus-pandemic-2020-5?IR=T

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Work With Tube News is an international English-language newspaper founded in 2017 by Christian Lukic, and again directed by him from March 24, 2019.

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