JCPenney is getting ready to close multiple stores in eight totally different states.
The corporate confirmed that stores will probably be shutting their doorways this 12 months in an announcement shared with The Impartial on Wednesday. Nevertheless, JCPenney mentioned that the transfer is “unrelated to” the model’s latest merger with the SPARC Group, which shaped helped Catalyst Manufacturers, a company of six main retailers.
“Whereas we don’t have plans to considerably scale back our retailer rely, we anticipate a handful of JCPenney shops to shut by mid-year,” a spokesperson for JCPenney mentioned.
“The choice to shut a retailer isn’t a simple one, however remoted closures do occur every now and then attributable to expiring lease agreements, market modifications or different elements,” the consultant continued. “We’re grateful to our devoted associates and the loyal clients who’ve shopped at these places. We proceed to work to make each greenback rely for America’s numerous, working households and welcome them to buy at our different JCPenney shops within the space and at JCPenney.com.”
On its web site, SB360 Capital Partners has posted the eight JCPenney shops — every in several states — which can be being shut down. Right here’s the record of malls being closed and the place they’re:
-JCPenney at The Retailers at Tanforan in San Bruno, California.
-JCPenney at The Retailers at Northfield in Denver, Colorado.
-JCPenney on the Pine Ridge Mall in Pocatello, Idaho.
-JCPenney at West Ridge Mall in Topeka, Kansas.
-JCPenney at Annapolis Mall in Annapolis, Maryland.
-JCPenney at Asheville Mall in Asheville, North Carolina.
-JCPenney at Mall at Fox Run in Newington, New Hampshire.
-JCPenney at Charleston City Heart in Charleston, West Virginia.
In January, JCPenney confirmed its merger with SPARC Group — which owns Aéropostale, Brooks Brothers, Eddie Bauer, Fortunate Model, and Nautica — to create Catalyst Manufacturers. Marc Rosen, previously the chief government officer of JCPenney who turned CEO of Catalyst Manufacturers, mentioned his “enterprise brings collectively the wealthy heritage of six distinctive manufacturers with trendy power and a brand new imaginative and prescient for fulfillment.”
“Collectively, we carry scale, experience and broad attraction to clients throughout America,” Rosen mentioned in an announcement on the time. “For us, clients are on the coronary heart of what we do. We’ve got a shared perception that clients deserve vogue and magnificence of nice high quality for any and each second in life. We are going to leverage our assets and best-in-class business expertise to develop our manufacturers additional.”
Through the Covid pandemic, JCPenney filed for Chapter 11 chapter as the company agreed with lenders to reduce its billions of dollars of debt and explore sale options.
Source link