JCPenney Closing Stores After Bankruptcy

JCPenney has added a pair of stores to its list of permanent store closures. The retailer confirmed to USA TODAY that the Greenwood, Mississippi and Baytown, Texas stores will soon close and are holding liquidation sales. The Mississippi store is scheduled to close Oct. 24 and the Texas location on Dec. 5.

The department store chain was one of the largest retailers to file for Chapter 11 bankruptcy protection during the coronavirus pandemic. Officials said in May 2020 that they planned to close about 29% of its 846 stores or 242 locations in bankruptcy and hoped to use the process to shed debt and remain in business.

Since then 174 stores have permanently closed and last December emerged from bankruptcy after being acquired by mall owners Simon Property Group and Brookfield Asset Management Inc. Eighteen stores shuttered in May.

JCPenney told USA TODAY that the two closings are unrelated to last year’s “store optimization” strategy.

While never a good sign for any business, in this case, bankruptcy seems to have helped this national retailer and its former landlord and new owner, Simon.

JCPenney has added a pair of stores to its list of permanent store closures. The retailer confirmed to USA TODAY that the Greenwood, Mississippi and Baytown, Texas stores will soon close and are holding liquidation sales. The Mississippi store is scheduled to close Oct. 24 and the Texas location on Dec. 5.

The department store chain was one of the largest retailers to file for Chapter 11 bankruptcy protection during the coronavirus pandemic. Officials said in May 2020 that they planned to close about 29% of its 846 stores or 242 locations in bankruptcy and hoped to use the process to shed debt and remain in business.

Since then 174 stores have permanently closed and last December emerged from bankruptcy after being acquired by mall owners Simon Property Group and Brookfield Asset Management Inc. Eighteen stores shuttered in May.

JCPenney told USA TODAY that the two closings are unrelated to last year’s “store optimization” strategy.

While never a good sign for any business, in this case, bankruptcy seems to have helped this national retailer and its former landlord and new owner, Simon.

Whenever a business declares bankruptcy, you can bet there’s going to be a legal dispute. They are EVERYWHERE! And when those things negatively impact you and/or your business including bankruptcies, landlord/tenant matters including unlawful detainers, contract issues, nuisance ADA claims and even collections, call in your good guy business litigator, Dean Sperling to resolve YOUR matter with YOUR best interests in mind!