J.C. Penney says it plans to conclude virtually 29% of stores – or 242 locations – as a part of its financial catastrophe

Kelly Tyko, USA TODAY
Printed 2: 01 p.m. ET Would possibly also 18, 2020 | Up to this level 9: 17 p.m. ET Would possibly also 18, 2020CLOSE

The coronavirus pandemic might maybe well presumably moreover fair contain been the closing straw for the struggling J.C. Penney company.

WochitDays after filing for financial catastrophe, J.C. Penney says it plans to conclude more than a fourth of its stores. Constant with a doc filed with the Securities and Exchanges Charge on Monday, roughly 29% of the retailer’s 846 stores, or 242 locations, will conclude between doubtlessly the most stylish fiscal three hundred and sixty five days and subsequent fiscal three hundred and sixty five days. For doubtlessly the most stylish fiscal three hundred and sixty five days, which ends in February 2021, 192 stores are anticipated to conclude after which 50 within the subsequent fiscal three hundred and sixty five days, the doc notes. After the closings, the company might maybe well presumably contain 604 final locations.“The roughly 604 future quick picture one of the best gross sales-producing, most winning, and perfect stores within the network,” J.C. Penney talked about within the SEC filing.J.C. Penney retailer closings coming: Retailer seeking to retract far from liquidation in Chapter 11 bankruptcyCan these 13 outlets survive COVID-19: Permanent retailer closings, bankruptcies comingAutoplayShow ThumbnailsShow CaptionsLast SlideNext SlideLast week’s financial catastrophe filing came after several years of declining gross sales and strategic missteps as J.C. Penney careened from one reinvention technique to one other.The financial catastrophe units in motion the diagram of permanent retailer closings as the retailer objectives to stabilize its funds and retract far from outright liquidation – a fate that chains similar to Toys R Us, Payless ShoeSource and others have not been in a position to retract far from. A listing of which locations will conclude as a part of J.C. Penney’s restructuring has no longer yet been launched. Constant with the SEC filing, which outlines a “Map for Renewal,” the particular collection of stores that can live “continues to adapt.”J.C. Penney spokesperson Brooke Buchanan talked about roughly 115 more stores will reopen Wednesday after being closed since March attributable to COVID-19. Forty-one stores previously reopened.Amazon and J.C. Penney in talks?Amazon is reportedly in talks to carry out J.C. Penney, based entirely on a characterize by Women’s Wear Day-to-day Monday.”There is an Amazon personnel in Plano as we keep up a correspondence,” WWD article notes, referencing the Texas city the build J.C. Penney’s headquarters would be found. “There is a dialogue and I’m suggested it has loads to discontinue with Amazon wanting to lengthen its attire alternate.”J.C. Penney declined to comment and Amazon officials did no longer straight respond to USA TODAY’s establish a question to for comment Monday.Constant with WWD, Amazon might maybe well presumably convert J.C. Penney stores to its “excessive-tech retail format” and convert some sites into distribution centers.Contributing: Nathan BomeyFollow USA TODAY reporter Kelly Tyko on Twitter: @KellyTykoRead or Allotment this yarn: https://www.usatoday.com/yarn/cash/2020/05/18/jcpenney-retailer-closures-2020-financial catastrophe-coronavirus/5214439002/

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